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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
  • The process of buying a house for the first time can be overwhelming. I can help. Call me at (931) 359-6631.

    Buying Your Next Property: Closing

     David Jent Realty & Auction can walk you through closing - (931) 359-6631
    First, a little about "escrow". To finalize the sale of a house, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close perfectly and on time. A property is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an online purchase, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the payment to the seller.

    Clearing the final hurdles like receiving funds, finishing forms, securing the documents for loans and liens, and making sure you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    These are the documents that escrow companies usually look to collect:

    Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as new owner and correct title insurance is issued as noted in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Meet the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Meet lender's requirements as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions
    • Give advice - the escrow holder has to remain an impartial, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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