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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
Don't let real estate industry jargon prevent you from becoming a homeowner. I can help you understand the process.
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Closing the Sale in California
First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow holder) is employed to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.
The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being completed.
Escrow agents want to obtain the following forms:
You're ready to close when every step is finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. 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.
The escrow company receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.
The Escrow Holder Will:
- Write escrow guidelines
- Perform a title search
- Comply with the bank's requirements as written in the escrow agreement
- Intake 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 complete
- Disburse payments and finish instructions
The Escrow Holder Won't:
- Advise you - the escrow holder stays a neutral, third-party status
- Give insight about future tax estimations
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Prepare escrow guidelines
- Request title inquiry
- Meet the bank's standards as written in the escrow agreement
- Receive payments from the buyer
- Prorate interest, insurance, tax 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 finish instructions
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- Offer advice - the escrow holder stays at an impartial, third-party status
- Give insight about tax implications
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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.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.