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What To Expect When You're Closing in Sherman Oaks

 Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
Escrow: When you're closing on your new home, an escrow agent is used to assure the process will close appropriately and in a certain amount of time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web transaction, PayPal is the reliable third party that obtains the buyer's funds, and then disburses the funds to the seller.

Clearing the final hurdles like receiving funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the home prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

Escrow holders want to acquire the following records:

  • 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
  • Title insurance policies

Upon completion of all instructions of the escrow, closing can take place. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to you and title insurance is issued per the policies of your particular escrow agreement.

The escrow company receives a payment when the closing is complete. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title research
  • Meet lender's guidelines as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow company stays a neutral, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Perform a title research
  • Comply with the bank's standards as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse monies and finalize instructions
  • Offer advice - the escrow company stays at an impartial, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a simple outline of the escrow process. Your individual plan might vary depending on your lender and your escrow company.

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