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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
  • Whether it's your first place or your next home, I'll walk you through the process. Contact me and I'll help you become a empowered buyer.

    First-Time Home Buying: How To Close on a House

     Craig Jelinek - Sereno Group can walk you through closing - 408-335-1425
    First, a little about "escrow". To complete the sale of a house, a neutral, third party (the escrow holder) is engaged to assure the transaction will close properly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being completed. This includes getting monies and paperwork, signing required forms, and getting the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your home before the asking price is fully paid.

    Escrow companies compile the following forms:

    Closing on the property takes place when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new owner and correct title insurance is issued as outlined in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet the bank's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions
    • Give advice - the escrow company stays a neutral, third-party status
    • Offer 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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