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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
  • Buying a home for the first time can be overwhelming. I can help. Contact me and I'll make sure you're a well-informed buyer.

    What To Expect When You're Closing in Oklahoma City, Oklahoma

     Metro Properties can walk you through closing - 111-111-1111
    Escrow: An escrow holder is hired to assure your property closes on time and the transaction goes smoothly. A place is said to be in escrow when in the closing process, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an Internet purchase, PayPal is the secure third party that obtains the buyer's cash, and then hands over the payment to the seller.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finished. This includes receiving payments and documents, completing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your house before the final price is fully paid.

    The certificates the escrow agent may obtain include:

    You're ready to close when all steps are complete in escrow process. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as buyer and related title insurance is issued as noted in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title inquiry
    • Comply with lender's standards as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Meet lender's standards as written 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 are complete
    • Disburse funds and finalize instructions
    • Give advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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