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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 property or your next house, I'll walk you through the process. Call me at (858) 245-2854.

    Completing the Transaction

    Shapar Homes can walk you through closing - (858) 245-2854
    Let's talk about "escrow". When you're closing on your new house, an escrow agent is used to guarantee the transaction will close without problems and in a timely manner. A place is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the exchange of money takes place. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes getting monies and certificates, signing required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your place before the final price is fully paid.

    Escrow holders want to acquire the following forms:

    You're ready to close when all parts are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title inquiry
    • Meet the bank's requirements as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Comply with the bank's requirements as noted in the escrow agreement
    • Receive 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 terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions
    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions 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. 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 specific plan might be slightly different depending on your bank and your escrow company.