Whether it's your first home or your next place, I'll advise you through the process. Call me at (818)784-7002 and I'll give you more information.

I'll Champion for You Through Closing

 Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
Escrow: When you're closing on your new home, an escrow company is used to make sure the process will close properly and in a specific time frame. A property is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in an Internet transaction, PayPal is the reliable third party that holds the buyer's cash, and then sends the funds to the seller.

Tying up any loose ends like obtaining funds, completing forms, securing the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

Escrow agents compile the following records:

  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies

You're ready to close when each step of the done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title is given to you and title insurance is issued per the policies of your individual escrow agreement.

The escrow holder gets a payment at the completion of closing. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Write escrow guidelines
  • Request title search
  • Comply with lender's guidelines as specified in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Perform a title inquiry
  • Comply with the bank's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions
  • Give advice - the escrow holder must stay at a fair, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

This is a simple outline of the escrow process. Your specific process may be unique depending on your lender and your escrow company.

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