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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
  • Whether it's your first home or your next place, I'll walk you through the process. Call me at 575 461-2100 and I'll give all the info you'll need to move forward.

    Steps to Closing on a Home

     McElroy & Associates can walk you through closing - 575 461-2100
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your home closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in transactions 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 sellers and the buyers are reached in preparation of the sale being finalized.

    Escrow holders collect the following legal documents:

    Closing on the home happens when the steps of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then given to you as buyer and related title insurance is issued as outlined in the escrow policy.

    The escrow agent 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:

    • Prepare escrow guidelines
    • Request title inquiry
    • Meet the bank's guidelines as noted in the escrow agreement
    • Accept funds 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 have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title search
    • Meet the bank's standards as written in the escrow agreement
    • Accept funds 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 are met
    • Disburse monies and finish instructions
    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a simple outline of the escrow process. Your individual process may be different based on your lender and your escrow agent.

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