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I'll Champion for You Through Closing

 McElroy & Associates can walk you through closing - 575 461-2100
First, a little about "escrow". To complete the sale of a place, a neutral, third party (the escrow holder) is employed to assure the transaction will close properly and on time. A home is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties when the transaction is taking place. PayPal is a good example of an escrow company.

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being finalized. This includes receiving payments and paperwork, signing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your place before the final price is fully paid.

These are the records that escrow companies usually look to collect:

  • 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
  • Loan documents

Upon finishing of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

The escrow company receives a payment when the closing is complete. I'll keep you informed on what comes next.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Meet lender's standards as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain 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:

  • Offer advice - the escrow holder stays a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title inquiry
  • Comply with the bank's standards as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finalize instructions
  • Offer advice - the escrow holder stays a neutral, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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