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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
  • Purchasing real estate for the first time can be overwhelming. I can help. Contact me and I'll make sure you're a well-informed buyer.

    Steps to Closing on a House

     McElroy & Associates can walk you through closing - 575 461-2100
    First, a little about "escrow". When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to guarantee the transaction will close appropriately and in a timely manner. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being completed.

    Escrow agents collect the following legal documents:

    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 paid out. Title to the house is then transferred to you as buyer and appropriate title insurance is issued as noted in the escrow policy.

    The escrow company gets 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 instructions
    • Petition title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax 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

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Comply with lender's standards as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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.

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

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