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I'll Champion for You Through Closing

 Rhodes & Associates Realty can walk you through closing - (314) 252-8955
First, a little about "escrow". An escrow holder is brought on to assure your place closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in an online transaction, PayPal is the neutral third party that obtains the buyer's money, and then disburses the money to the seller.

Clearing the final hurdles like receiving funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

The certificates the escrow company may obtain include:

  • 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 expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance begins per the steps of your individual escrow agreement.

The escrow agent receives a payment at the completion of closing. As your REALTOR, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title search
  • Meet lender's standards as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Give advice - the escrow company stays a neutral, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Perform a title research
  • Meet lender's guidelines as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finish instructions
  • Advise you - the escrow agent stays at an impartial, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your individual plan will be different depending on your lender and your escrow agent.

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