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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 become knowledgeable about the process. E-mail me at jborgert@att.net .

    Completing the Transaction

     Shelton Land & Homes, LLC can walk you through closing - (360) 426-5555
    Let's talk about "escrow". When you're closing on your new place, an escrow holder is used to make sure the transaction will close properly and in a specific time frame. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

    The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finalized. This includes receiving monies and paperwork, finishing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a free title to your house before the agreed upon price is fully paid.

    The records the escrow agent may collect include:

    Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    When closing is done, you'll pay the fees to the escrow agent. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title search
    • Meet lender's guidelines as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're familiar with the escrow process, you can be a informed buyer.

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