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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 prevent you from becoming a homeowner. I can help you understand the process. Contact me.

    The House is Almost Yours

     Plaza Realty can walk you through closing - 702-293-2440
    Escrow: An escrow company is brought on to assure your house closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet auction, PayPal is the neutral third party that holds the buyer's funds, and then disburses the payment to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being finalized.

    Escrow holders compile the following pieces of paperwork:

    Closing on the house happens when the steps of the escrow are finished. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title research
    • Meet the bank's guidelines as written 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 funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 methods will be slightly different based on your lender and your escrow company.

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