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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 inexperience with the real estate industry scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at jborgert@att.net .

    Steps to Closing on a Home

     Shelton Land & Homes, LLC can walk you through closing - (360) 426-5555
    Escrow: When you're closing on your new property, an escrow agent is used to make sure the process will close properly and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

    Tying up any loose ends like receiving funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    Escrow agents want to acquire the following records:

    You're ready to close when all steps are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The house's title goes to you and title insurance is issued per the steps of your individual escrow agreement.

    The escrow agent gets a payment at the completion of closing. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title research
    • Meet lender's standards as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title search
    • Meet the bank's requirements 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 legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Advise you - the escrow holder must maintain a neutral, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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