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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 real estate industry jargon keep you from becoming a homeowner. I can help you work your way through the process. Contact me and I'll make sure you're a smart buyer.

    I'll Champion for You Through Closing

     Shelton Land & Homes, LLC can walk you through closing - (360) 426-5555
    Escrow: An escrow holder is hired to assure your property closes on time and the transaction goes smoothly. A place is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties when the exchange of money takes place. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being completed. This includes securing funds and records, completing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your property before the purchase price is fully paid.

    Escrow companies want to acquire the following records:

    Closing on the property takes place when all of the procedures of the escrow are finished. All payments owed and fees are collected and paid 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 dispersed as agreed upon in the escrow instructions.

    When closing is completely finished, you'll pay the fees to the escrow agent. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept 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 finished
    • Disburse monies and finish instructions
    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a easy to understand guide about the escrow process. Your individual process could be slightly different depending on your bank and your escrow company.

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