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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
  • Whether it's your first home or your next home, I'll walk you through the process. E-mail me at tricia@triciaashby.com to get some free information.

    Steps to Closing on a Property

     MOVE Utah Real Estate can walk you through closing - 801.205.7355
    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 ensure the process will close without problems and in a specific time frame. A property is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties when the transaction is taking place. A simple way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

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

    These are the documents that escrow holders usually look for:

    Closing on the home takes place when all of the procedures of the escrow are finished. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance begins per the steps of your individual escrow process.

    At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title inquiry
    • Meet lender's requirements as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow holder must stay at a fair, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's requirements 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 paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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're familiar with the escrow process, you can be a more assured buyer.

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