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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". When you're closing on your new property, an escrow company is used to guarantee the transaction will close appropriately and on time. A house is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good example of an escrow company.

The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finalized. This includes getting funds and certificates, filling out required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your place before the final price is fully paid.

These are the pieces of paperwork that escrow agents usually look to collect:

  • 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 instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.

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

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title inquiry
  • Comply with the bank's standards as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow company must stay at a fair, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title inquiry
  • Meet the bank's guidelines as specified 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 terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Advise you - the escrow holder must stay at a fair, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a easy to understand guide about the escrow process. Your particular process may vary depending on your bank and your escrow company.

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