Don't let inexperience with the real estate industry keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at frank@qmetrorealtors.com .

What To Expect When You're Closing in Albuquerque

 Qmetro Realtors Inc can walk you through closing - 505.615.0436
First, a little about "escrow". When you're closing on your new home, an escrow holder is used to assure the transaction will close correctly and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

Tying up any loose ends like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.

The records the escrow holder may secure include:

  • Loan documents
  • 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

Closing on the home takes place when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

The escrow company gets 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
  • Petition title search
  • Comply with lender's guidelines as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title inquiry
  • Comply with lender's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finalize instructions
  • Give advice - the escrow holder has to remain an impartial, third-party status
  • Give insight 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you have the rules of the escrow process down, you can be a more assured buyer.

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