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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 keep you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at 575 461-2100 and I'll give you more information.

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

     McElroy & Associates can walk you through closing - 575 461-2100
    First, a little about "escrow". To finish the sale of a home, a neutral, third party (the escrow holder) is engaged to assure the transaction will close properly and on time. When payment 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.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.

    Escrow agents compile the following records:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then obtain the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

    The escrow agent receives a payment at the completion of closing. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Meet lender's guidelines as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Meet the bank's standards as noted 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring fees while there is a loan on the 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.

    Once you're comfortable with the escrow process, you can be a informed buyer.

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