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  • 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
  • Whether it's your first house or your next property, I'll walk you through the process. Contact me and I'll make sure you're a well-informed buyer.

    Closing the Sale in Moore, Oklahoma

     Realty Experts Inc can walk you through closing - 405-417-7070
    First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow company) is brought into the picture to assure the process will close properly and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes securing monies and certificates, completing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

    The records the escrow company may obtain include:

    Closing on the property happens when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets transferred to you and title insurance begins per the steps of your particular escrow process.

    The escrow agent gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title research
    • Meet lender's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with lender's requirements as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a simple outline of the escrow process. Your particular process may be slightly different depending on your lender and your escrow agent.

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