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Steps to Closing on a Home

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Escrow: An escrow holder is hired to assure your home closes on time and the transaction goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online auction, PayPal is the reliable third party that holds the buyer's payment, and then sends the money to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finalized.

Escrow companies compile the following legal documents:

  • 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
  • Loan documents

Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the property and the title insurance gets issued as outlined in the escrow instructions.

When closing is done, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title research
  • Meet lender's guidelines as written in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow agent 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 research
  • Meet lender's guidelines as specified in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finalize instructions
  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Give insight 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 quick run-down of the escrow process. Your individual methods might be different based on your lender and your escrow agent.

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Provident Realty Group

6850 Regional Street Suite 210
Dublin, CA 94568