Don't let inexperience with the real estate industry scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at chrishodge@allseasonsrealtyok.com .

The House is Almost Yours

 All Seasons Realty can walk you through closing - 918-377-2234
Let's talk about "escrow". An escrow company is used to assure your property closes on time and the process goes smoothly. A house is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. A simple way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes securing payments and documents, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your place before the purchase price is fully paid.

Escrow agents want to obtain the following legal documents:

  • 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. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as new owner and correct title insurance is issued as noted in the escrow instructions.

When closing is in it's last step, you'll pay the fees to the escrow agent. As your agent, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Comply with lender's requirements 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 terms of agreement of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Give advice - the escrow agent has to remain an impartial, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Meet the bank's standards as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finalize instructions
  • Tell you what's best - the escrow holder has to remain an impartial, 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. 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're at ease with the escrow process, you can be a better buyer.

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