Completing the Transaction

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Escrow
A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your house closes on time and the closing process goes smoothly. 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 way to picture an escrow company.

Settling the last details like taking in funds, signing forms, securing the documents for loans and liens, and assuring you a clean title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

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These are the pieces of paperwork that escrow companies usually look to collect:

  • 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

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The house's title gets transferred to you and title insurance begins per the steps of your individual escrow agreement.

When closing is in it's last step, you'll pay the fees to the escrow agent. I'll keep you updated on the through the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Perform a title search
  • Meet lender's standards 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 paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Offer opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.78% 3.9%
15-yr Fixed 3.08% 3.24%
1-yr Adj 2.74% 3.4%
* national averages