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Loan documents

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

Whether it's your first property or your next place, I'll help you through the process. E-mail me at todd@todddoss.com .

Escrow 101

Let's talk about "escrow". When you're closing on your new place, an escrow company is used to assure the transaction will close without problems and in a timely manner. A house is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the transaction is taking place. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

 

The escrow holder insures that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes receiving monies and paperwork, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your home before the final price is fully paid.

These are the documents that escrow companies usually compile:

You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as stated in the escrow instructions.

The escrow holder gets a payment when the closing is complete. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

• Assemble escrow instructions
• Request title research
• Comply with the bank's requirements as specified in the escrow agreement
• Receive 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 funds and finalize instructions

The Escrow Holder Will Not:

• Tell you what's best - the escrow agent has to remain an impartial, third-party status
• Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow instructions Perform a title search Comply with lender's guidelines as written in the escrow agreement Intake payments from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other legal documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer have been met Disburse funds and finalize instructions		Advise you - the escrow holder stays at an impartial, third-party status Give insight 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 comfortable with the escrow process, you can be a confident buyer.