Purchasing property for the first time can be overwhelming. Let me help you.
and I'll make sure you're a empowered buyer.
I'll Champion for You Through Closing
Let's talk about "escrow". When you're closing on your new home, an escrow agent is used to insure the process will close appropriately and in a certain amount of time.
Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller.
An easy way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.
The escrow holder makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes getting funds and paperwork, filling out required forms, and getting the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your place before the purchase price is fully paid.
These are the legal documents that escrow agents usually look to collect:
- 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
- Loan documents
You're ready to close when all parts are done in escrow process.
All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions).
The home's title goes to you and title insurance is issued per the steps of your individual escrow process.
At the close of escrow, payments are submitted in an acceptable form to the escrow.
I'll keep you up-to-date on the next steps.
The Escrow Holder Will:
The Escrow Holder Won't:
- Prepare escrow instructions
- Request title search
- Comply with the bank's standards as written in the escrow agreement
- Intake payments from the buyer
- Prorate insurance, tax, interest and other payments according to guidelines
- Record deeds and other documents as instructed
- Request title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been met
- Disburse funds and finalize instructions
- Advise you - the escrow holder must stay at a fair, third-party status
- Offer opinions about future tax estimations
Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house.
Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Once you're comfortable with the escrow process, you can be a informed buyer.