The process of buying real estate for the first time can be overwhelming. Let me help you.
Call me at 866-300-1550 and I'll give help you purchase the house you want.
Closing the Sale in Oklahoma City, Oklahoma
Let's talk about "escrow". When you're closing on your new house, an escrow company is used to make sure the transaction will close appropriately and in a specific time frame.
Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller.
PayPal is a simple way to think of an escrow company.
The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being completed.
Escrow companies want to acquire the following pieces of paperwork:
- 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
Upon finishing of all portions of the escrow, closing can take place.
All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions).
The property's title gets transferred to you and title insurance begins per the policies of your individual escrow process.
The escrow holder receives a payment when the closing is complete.
I'll keep you updated on the procedure.
|
The Escrow Holder Will: |
|
The Escrow Holder Won't: |
- Assemble escrow guidelines
- Petition title inquiry
- Meet lender's guidelines as written in the escrow agreement
- Accept payments 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 instructions of seller and buyer are complete
- Disburse payments and finalize instructions
|
|
- Tell you what's best - the escrow holder has to remain an impartial, third-party status
- Offer opinions about tax implications
|
Mortgage Escrow Account
A Mortgage Escrow Account is started to pay rolling expenses 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.
Once you have the basics of the escrow process down, you can be a better buyer.