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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 prevent you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me and I'll help you become a smart buyer.

    Closing the Sale in Clayton, Missouri

     Rhodes & Associates Realty can walk you through closing - (314) 252-8955
    First, a little about "escrow". When you're closing on your new house, an escrow company is used to make certain the transaction will close without problems and in a certain amount of time. A home 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 exchange of money takes place. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being finished.

    The documents the escrow company may collect include:

    You're ready to close when all steps are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title research
    • Meet lender's requirements as outlined in the escrow agreement
    • Intake funds 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 instructions of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet the bank's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • 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 payments and finish instructions
    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions 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.

    Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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