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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
  • The process of buying real estate for the first time can be overwhelming. Let me help you. E-mail me at Kevin@GTprop.com .

    The Place is Almost Yours

     Goodwin & Thyne Properties can walk you through closing - 805-899-1100
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your house closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's funds, and then disburses the money to the seller.

    Settling the last details like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clean title to the home in preparation of your purchase gets finalized are all part of the job of the escrow company.

    Escrow companies want to acquire the following records:

    Closing on the property takes place when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title is given to you and title insurance begins per the steps of your particular escrow agreement.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's standards as outlined in the escrow agreement
    • Intake 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 instructions of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title search
    • Meet the bank's standards as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 finished
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for rolling expenses while there is a loan on the 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.

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