Don't let inexperience with the real estate industry scare you from becoming a homeowner. I can help you understand the process. E-mail me at shapar@shaparhomes.com to get some free information.

Closing the Sale in San Diego

Shapar Homes can walk you through closing - 8582452854

Escrow: An escrow company is hired to assure your house closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. 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 contract are completed prior to the sale being completed. This includes getting funds and documents, finishing required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your home before the agreed upon price is fully paid.

Escrow agents want to obtain the following 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
Loan documents

You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

Write escrow instructions
Request title research
Comply with lender's standards as outlined in the escrow agreement
Accept funds from the buyer
Prorate interest, insurance, tax and other payments 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 met
Disburse payments and finish instructions

The Escrow Holder Will Not:

Tell you what's best - the escrow holder stays at an impartial, third-party status
Give insight about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title research Comply with the bank's guidelines as noted in the escrow agreement Accept payments from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finalize instructions		Offer advice - the escrow agent stays a neutral, third-party status Dispense opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for recurring expenses while there is a loan on the 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.

Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.