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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 property or your next house, I'll help you through the process. Contact me and I'll help you become a confident buyer.

    I'll Champion for You Through Closing

     McElroy & Associates can walk you through closing - 575 461-2100
    Let's talk about "escrow". An escrow agent is brought on to assure your property closes on time and the closing process goes smoothly. A property is said to be in escrow when in the closing process, payment is secured by a third party on behalf of two parties when the transaction is taking place. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's funds, and then disburses the funds to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being completed.

    Escrow holders collect the following records:

    You're ready to close when every step is done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The home's title is given to you and title insurance is issued per the steps of your individual escrow process.

    When closing is completely finished, you'll make a payment to the escrow agent. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions
    • Offer advice - the escrow company stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 being in escrow. And, you can be a better informed home buyer and future homeowner.

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