Things to Know About Escrow in Tucumcari, New Mexico

Whether it's your first home or your next house, I'll educate you through the process. Contact me.

What To Expect When You're Closing in Tucumcari, New Mexico

McElroy & Associates can walk you through closing - 575 461-2100

First, a little about "escrow". When you're closing on your new place, an escrow agent is used to ensure the process will close without problems and on time. A home is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties when the transaction is taking place. PayPal is a simple way to think of an escrow company.

Tying up any loose ends like receiving funds, finishing forms, getting the documents for loans and liens, and making sure you get a clear title to the house before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

The documents the escrow agent may secure include:

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

Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the house is then transferred to you as now current homeowner and appropriate title insurance is issued as outlined in the escrow policy.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

Prepare escrow guidelines
Request title search
Comply with the bank'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 legal documents as instructed
Request title insurance policy
Close escrow when all terms of agreement of seller and buyer are met
Disburse payments and finish instructions

The Escrow Holder Won't:

Give advice - the escrow holder stays at an impartial, third-party status
Give insight about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title research Comply with the bank's standards as specified in the escrow agreement Intake payments from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer have been finished Disburse monies and finish instructions		Tell you what's best - the escrow agent stays a neutral, third-party status Give insight 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.

This is a simple outline of the escrow process. Your individual methods could vary based on your bank and your escrow holder.

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