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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 work your way through the process. Contact me.

    Closing the Sale in Shelton

     Shelton Land & Homes, LLC can walk you through closing - (360) 426-5555
    First, a little about "escrow". When you're closing on your new home, an escrow company is used to make sure the process will close properly and in a certain amount of time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web purchase, PayPal is the neutral third party that holds the buyer's payment, and then hands over the payment to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finished.

    These are the legal documents that escrow holders usually look for:

    Closing on the house happens when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • 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 legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's guidelines as outlined 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
    • 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 must maintain a neutral, third-party status
    • Offer 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. 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.

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

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