Buying a house for the first time can be confusing. Let me help you. E-mail me at jborgert@att.net .

What To Expect When You're Closing in Shelton, Washington

 Shelton Land & Homes, LLC can walk you through closing - (360) 426-5555
Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow holder) is employed to assure the transaction will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being finalized.

These are the documents that escrow holders usually look to collect:

  • Title insurance policies
  • 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

You're ready to close when every step is complete in escrow process. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

When closing is completely finished, you'll submit a payment to the escrow company. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Meet lender's standards as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow company 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 search
  • Comply with lender'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 documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay rolling expenses 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.

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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