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Closing the Sale in Los Gatos, California

 Craig Jelinek - Sereno Group can walk you through closing - 408-335-1425
Escrow: An escrow agent is brought on to assure your home closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes receiving funds and certificates, completing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your place before the agreed upon price is fully paid.

Escrow holders want to obtain the following records:

  • 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

Upon finishing of all portions of the escrow, closing can take place. All outstanding payments 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 property and the title insurance gets dispersed as noted in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Comply with lender's requirements as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents 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 Won't:

  • Advise you - the escrow holder stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title research
  • Meet the bank's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions
  • Advise you - the escrow holder has to remain 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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