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Steps to Closing on a Home

 Qmetro Realtors Inc can walk you through closing - 505.615.0436
Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your home closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the reliable third party that holds the buyer's cash, and then disburses the payment to the seller.

Tying up any loose ends like receiving funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the house before your purchase gets finalized are all part of the job of the escrow holder.

Escrow agents compile the following records:

  • 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
  • Terms of sale and any seller-assisted financing

Closing on the property takes place when all of the procedures of the escrow are complete. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as now current homeowner and correct title insurance is issued as noted in the escrow instructions.

At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title inquiry
  • Meet lender's standards as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company must stay at a fair, 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 search
  • Meet lender's requirements as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finalize instructions
  • Advise you - the escrow agent must maintain a neutral, third-party status
  • Offer opinions about tax implications

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.

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

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