(907) 248-3606 (907) 248-3606 Anchorage, Alaska, Anchorage, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Anchorage, buying a house in Anchorage, buying a house in Alaska, real estate agent in Anchorage, real estate agent in Anchorage, real estate agent in Alaska, finding a real estate agent in Anchorage, finding a real estate agent in Anchorage, finding a real estate agent in Alaska, buying houses, buying homes, selling homes, selling houses, Suburban Realty, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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
  • Buying a home for the first time can be intimidating. Let me help you. E-mail me at graham@suburbanrealtyak.com .

    I'll Champion for You Through Closing

     Suburban Realty can walk you through closing - (907) 248-3606
    Let's talk about "escrow". To close the sale of a home, a neutral, third party (the escrow company) is employed to assure the transaction will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are met prior to the sale being finished.

    Escrow holders collect the following records:

    Closing on the house happens when all of the procedures of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then get the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title search
    • Comply with lender's standards as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest 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 are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet the bank's requirements as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest 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 payments and finalize instructions
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay on-going 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.

    This is a quick run-down of the escrow process. Your specific process will be slightly different depending on your lender and your escrow company.

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

    Your Information
    Some Details