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First-Time Home Buying: Closing

 Hickerson Realty can walk you through closing - (918) 970-4000
Escrow: An escrow agent is hired to assure your property closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a simple way to think of an escrow company.

Clearing the final hurdles like taking in funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the property prior to your purchase gets finalized are all part of the job of the escrow holder.

These are the legal documents that escrow agents usually look to collect:

  • 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

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as noted in the escrow instructions.

The escrow company gets a payment when the closing is complete. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Write escrow guidelines
  • Petition title search
  • Meet lender's guidelines as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Give advice - the escrow agent stays at an impartial, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Perform a title search
  • Comply with the bank's guidelines as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finish instructions
  • Give advice - the escrow company stays a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for rolling expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your specific methods will be unique based on your lender and your escrow company.

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