What To Expect When You're Closing in Dublin, California
The escrow holder makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being completed.
Escrow agents look for the following forms:
- 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 finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as now current homeowner and appropriate title insurance is issued as outlined in the escrow instructions.
The escrow company gets a payment when the closing is complete. I'll keep you informed on the next steps.
The Escrow Holder Will:
- Prepare escrow instructions
- Petition title research
- Comply with lender's standards as noted in the escrow agreement
- Accept payments from the buyer
- Prorate tax, interest, insurance and other fees according to guidelines
- Record deeds and other documents as instructed
- Request title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been finished
- Disburse payments and finalize instructions
The Escrow Holder Will Not:
- Offer advice - the escrow agent must maintain a neutral, third-party status
- Offer opinions about future tax estimations
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The Escrow Holder Will:
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The Escrow Holder Won't:
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Mortgage Escrow Account
A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the 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 easy to understand guide about the escrow process. Your specific plan may vary depending on your lender and your escrow holder.