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Completing the Transaction

 Rhodes & Associates Realty can walk you through closing - (314) 252-8955
Escrow: An escrow company is used to assure your place closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online auction, PayPal is the secure third party that holds the buyer's funds, and then sends the payment to the seller.

The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finalized. This includes securing funds and records, filling out required forms, and seeking out the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your property before the asking price is fully paid.

Escrow holders compile the following forms:

  • 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
  • Loan documents

Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

The escrow company gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Comply with lender's requirements as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company stays a neutral, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title research
  • Comply with the bank's requirements as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees 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 met
  • Disburse monies and finish instructions
  • Offer advice - the escrow agent stays at an impartial, third-party status
  • Offer 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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