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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 home or your next place, I'll advise you through the process. E-mail me at craig@serenogroup.com .

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

     Craig Jelinek - Sereno Group can walk you through closing - 408-335-1425
    Escrow: An escrow holder is hired to assure your place closes on time and the closing process goes smoothly. A property is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    Settling the last details like taking in funds, signing forms, getting the documents for loans and liens, and making sure you get a clean title to the house before your purchase gets finalized are all part of the job of the escrow company.

    These are the records that escrow companies usually look to collect:

    You're ready to close when each step of the complete in escrow process. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets handed over to you and title insurance is issued per the steps of your individual escrow process.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Meet lender'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
    • 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:

    • Offer advice - 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:
    • Write escrow instructions
    • Perform a title research
    • Meet the bank's guidelines as written in the escrow agreement
    • Receive 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 terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Advise you - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you have the rules of the escrow process down, you can be a better buyer.

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