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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
  • Whether it's your first home or your next place, I'll walk you through the process. Contact me and I'll help you become a smart buyer.

    Steps to Closing on a House

     Goodwin & Thyne Properties can walk you through closing - 805-899-1100
    Escrow: An escrow agent is hired to assure your property closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finished.

    Escrow companies want to acquire the following pieces of paperwork:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    When closing is finished, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Comply with lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • 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

    The Escrow Holder Won't:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title search
    • Comply with the bank's guidelines as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    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.

    Once you have the ABCs of the escrow process down, you can be a better buyer.

    Have a Question?

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