Whether it's your first place or your next place, I'll help you through the process. E-mail me at frank@qmetrorealtors.com to get some free information.

The Place is Almost Yours

 Qmetro Realtors Inc can walk you through closing - 505.615.0436
Let's talk about "escrow". When you're closing on your new house, an escrow company is used to guarantee the transaction will close correctly and in a specific time frame. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

Clearing the final hurdles like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

Escrow companies compile the following forms:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

You're ready to close when each step of the finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then get the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

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

The Escrow Holder Will:

  • Write escrow instructions
  • Request title research
  • Meet lender's requirements as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 are met
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow company stays a neutral, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title research
  • Meet 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
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow company has to remain an impartial, 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. 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 smarter home buyer and future homeowner.

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