Things to Know About Escrow in Tucumcari, New Mexico

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Closing the Sale in Tucumcari, New Mexico

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Escrow: An escrow holder is brought on to assure your place closes on time and the closing process goes smoothly. A property is said to be in escrow when in the closing process, money is held 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, signing forms, getting the documents for loans and liens, and making sure you get a clean title to the property in preparation of your purchase gets finalized are all part of the job of the escrow holder.

These are the legal documents that escrow agents 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

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 taken. The house's title is given to you and title insurance is issued per the policies of your particular escrow agreement.

At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Prepare escrow instructions
Petition title research
Comply with the bank's requirements as noted in the escrow agreement
Intake 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 terms of agreement of seller and buyer have been finished
Disburse funds and finish instructions

The Escrow Holder Will Not:

Give advice - the escrow agent must stay at a fair, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Request title research Meet lender's standards as outlined in the escrow agreement Receive funds from the buyer Prorate insurance, tax, interest and other payments 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 finalize 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. 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 familiar with the escrow process, you can be a informed buyer.

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