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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 scare you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

    Closing the Sale in Santa Barbara, California

     Goodwin & Thyne Properties can walk you through closing - 805-899-1100
    Escrow: To finalize the sale of a home, a neutral, third party (the escrow company) is employed to assure the process will close perfectly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

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

    These are the pieces of paperwork that escrow agents usually compile:

    You're ready to close when each step of the finished in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets issued as outlined in the escrow instructions.

    The escrow company receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • Comply with lender's requirements as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title research
    • Meet lender's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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