Whether it's your first property or your next property, I'll walk you through the process. E-mail me at chrishodge@allseasonsrealtyok.com .

I'll Champion for You Through Closing

 All Seasons Realty can walk you through closing - 918-377-2234
First, a little about "escrow". An escrow holder is brought on to assure your place closes on time and the process goes smoothly. A property is said to be in escrow when in the closing process, payment 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 an online auction, PayPal is the neutral third party that obtains the buyer's cash, and then hands over the payment to the seller.

The escrow company insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes securing funds and certificates, filling out required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a free title to your place before the asking price is fully paid.

The documents the escrow holder may obtain include:

  • 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
  • Tax statements

You're ready to close when all parts are complete in escrow process. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title is given 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. As your real estate professional, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title research
  • Comply with lender's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • 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 finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow company must maintain a neutral, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title search
  • Meet lender's requirements as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse monies and finish instructions
  • Offer 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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