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  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Don't let inexperience with the real estate industry keep you from becoming a homeowner. I can help you work your way through the process. E-mail me at karl@multizonerealty.com to get some free information.

    First-Time Home Buying: Closing

     Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
    Escrow: To complete the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close properly and on time. A property is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of a buyer and a seller when the transaction is taking place. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes getting payments and certificates, filling out required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your place before the asking price is fully paid.

    Escrow holders look for the following documents:

    Closing on the property happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

    When closing is finished, you'll make a payment to the escrow company. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about tax implications

    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.

    Once you have the ABCs of the escrow process down, you can be a better buyer.

    Looking to Buy?

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