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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
  • Purchasing a house for the first time can be confusing. Let me help you. E-mail me at craig@serenogroup.com .

    Steps to Closing on a Property

     Craig Jelinek - Sereno Group can walk you through closing - 408-335-1425
    First, a little about "escrow". To close the sale of a house, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close perfectly and on time. A house is said to be in escrow when in the closing process, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. For example, in a Web purchase, PayPal is the neutral third party that holds the buyer's funds, and then disburses the funds to the seller.

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

    These are the legal documents that escrow holders usually look for:

    Closing on the house happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets issued as outlined in the escrow instructions.

    When closing is completely finished, you'll make a payment to the escrow holder. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Comply with lender's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you're familiar with the escrow process, you can be a more assured buyer.

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