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

The House is Almost Yours

 Craig Jelinek - Sereno Group can walk you through closing - 408-335-1425
First, a little about "escrow". An escrow holder is used to assure your home closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of how you might use PayPal for Internet purchases.

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

The documents the escrow agent may collect include:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and related title insurance is issued as outlined in the escrow instructions.

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

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title inquiry
  • Meet the bank's standards as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Give advice - the escrow holder must stay at a fair, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Meet the bank's requirements as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finalize instructions
  • Tell you what's best - the escrow holder must maintain a neutral, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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