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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
  • Purchasing property for the first time can be intimidating. I can help. Call me at (303) 843-1545.

    I'll Champion for You Through Closing

     Coldwell Banker Residential Brokerage can walk you through closing - (303) 843-1545
    First, a little about "escrow". When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to assure the transaction will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being finalized.

    Escrow agents look for the following legal documents:

    Closing on the property happens when the steps of the escrow are done. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

    When closing is in it's last step, you'll make a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

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

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title inquiry
    • Meet the bank's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the 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 confident home buyer and future homeowner.

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