Let me turn your dreams into an address!!!!
Home Selling Your Home Contact Us For Buyers
Whether it's your first home or your next house, I'll educate you through the process. Contact me.

First-Time Home Buying: How To Close on a Home

 TRY Realty can walk you through closing - 6622857108
Let's talk about "escrow". When you're closing on your new place, an escrow agent is used to assure the transaction will close without problems and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

The escrow holder insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes getting payments and certificates, completing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your home before the agreed upon price is fully paid.

The certificates the escrow company may collect include:

  • Loan 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

Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow policy.

At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title inquiry
  • Meet lender's guidelines as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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
  • Advise you - the escrow agent must stay at a fair, third-party status
  • Offer opinions about tax implications

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.

This is a quick run-down of the escrow process. Your individual plan might be slightly different depending on your lender and your escrow company.