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  • Loan 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
  • Purchasing a house for the first time can be confusing. Let me help you. Call me at 405-919-1098 and I'll give help you obtain the property you want.

    Completing the Transaction

     Niki Higgins can walk you through closing - 405-919-1098
    Let's talk about "escrow". An escrow agent is hired to assure your place closes on time and the transaction goes smoothly. A home is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being completed.

    The certificates the escrow agent may secure include:

    Closing on the house happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.

    The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title search
    • Meet lender's guidelines as written in the escrow agreement
    • Accept funds 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
    • Give advice - the escrow company must maintain a neutral, third-party status
    • Dispense 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

    Looking to Buy?

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