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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
  • Don't let real estate industry jargon keep you from becoming a homeowner. I can help you work your way through the process. Contact me.

    What is Escrow?

     Coldwell Banker Residential Brokerage can walk you through closing - (303) 843-1545
    Escrow: An escrow agent is used to assure your place closes on time and the transaction goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes securing payments and documents, filling out required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your house before the final price is fully paid.

    These are the documents that escrow agents usually look to collect:

    You're ready to close when every step is done in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to you as new homeowner and related title insurance is issued as outlined in the escrow policy.

    When closing is completely finished, you'll make a payment to the escrow agent. As your real estate professional, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Meet lender's standards as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax 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 monies and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for rolling 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.

    Once you're at ease with the escrow process, you can be a confident buyer.

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