What To Expect When You're Closing in Tucumcari
The escrow holder makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being completed. This includes receiving monies and records, filling out required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your property before the purchase price is fully paid.
The pieces of paperwork the escrow agent may secure include:
- 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
- Tax statements
- Fire and other insurance policies
You're ready to close when all parts are complete in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets issued as stated in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.
The Escrow Holder Will:
- Assemble escrow instructions
- Request title search
- Comply with lender's requirements as written in the escrow agreement
- Receive payments from the buyer
- Prorate tax, interest, insurance and other fees 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 have been met
- Disburse funds and finish instructions
The Escrow Holder Will Not:
- Offer advice - the escrow company must stay at a fair, third-party status
- Dispense opinions about tax implications
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Mortgage Escrow Account
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're familiar with the escrow process, you can be a better buyer.
