Whether it's your first house or your next house, I'll help you through the process.
Call me at 503-256-1112 and I'll give all the info you'll need to move forward.
I'll Champion for You Through Closing
First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the transaction will close without problems and in a specific time frame.
When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow.
For example, in a Web purchase, PayPal is the reliable third party that holds the buyer's cash, and then disburses the funds to the seller.
Settling the last details like receiving funds, signing forms, getting the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all part of the job of the escrow company.
The records the escrow holder may obtain include:
- 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
- Title insurance policies
You're ready to close when all parts are complete in escrow process.
All expenses like title insurance, inspections and real estate commissions are paid.
The property's title is given to you and title insurance is issued per the policies of your individual escrow process.
The escrow company receives a payment when the closing is complete.
As your agent, I'll inform you of the acceptable form of payment.
The Escrow Holder Will:
The Escrow Holder Won't:
- Write escrow guidelines
- Perform a title inquiry
- Comply with lender's requirements as specified 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 finalize instructions
- Offer advice - the escrow holder must stay at a fair, third-party status
- Dispense opinions about future tax estimations
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.
This is a quick run-down of the escrow process. Your specific plan may vary depending on your bank and your escrow holder.