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  • 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
  • Don't let the unknown prevent you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at graham@suburbanrealtyak.com to get some free information.

    I'll Champion for You Through Closing

     Suburban Realty can walk you through closing - (907) 248-3606
    Escrow: When you're closing on your new home, an escrow company is used to make certain the transaction will close without problems and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online auction, PayPal is the neutral third party that holds the buyer's payment, and then disburses the money to the seller.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes getting payments and documents, signing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your property before the asking price is fully paid.

    The pieces of paperwork the escrow company may collect include:

    You're ready to close when all parts are done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The home's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

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

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's requirements as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title inquiry
    • Meet the bank's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Dispense opinions about tax implications

    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 particular plan will vary depending on your bank and your escrow agent.

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