Things to Know About Escrow in Tucumcari, New Mexico

Whether it's your first place or your next place, I'll help you through the process. E-mail me at jmcelroy47@gmail.com .

I'll Champion for You Through Closing

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First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow company makes sure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes securing monies and records, filling out required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your house before the final price is fully paid.

Escrow holders collect the following forms:

Requests for payment for various services to be paid out of escrow funds
Loan documents
Tax statements
Fire and other insurance policies
Title insurance policies
Terms of sale and any seller-assisted financing

Closing on the house happens when all of the procedures of the escrow are done. 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 secure the title to the home and the title insurance gets issued as outlined in the escrow instructions.

When closing is finished, you'll pay the fees to the escrow company. I'll keep you updated on the next steps.

The Escrow Holder Will:

Assemble escrow guidelines
Request title search
Meet the bank's guidelines as outlined in the escrow agreement
Receive funds from the buyer
Prorate interest, insurance, tax and other payments according to guidelines
Record deeds and other paperwork as instructed
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer have been met
Disburse monies and finalize instructions

The Escrow Holder Won't:

Advise you - the escrow holder has to remain an impartial, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title inquiry Meet lender's guidelines as specified in the escrow agreement Accept payments from the buyer Prorate tax, interest, insurance and other fees according to instructions 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 funds and finish instructions		Tell you what's best - the escrow holder stays at an impartial, third-party status Dispense opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for rolling expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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