Closing the Sale in Stillwater, Oklahoma
Let's talk about "escrow". To finalize the sale of a property, a neutral, third party (the escrow agent) is engaged to assure the process will close appropriately and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.
The escrow holder makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being completed.
These are the documents that escrow agents usually look for:
- Terms of sale and any seller-assisted financing
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
- Fire and other insurance policies
- Title insurance policies
Closing on the home happens when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance begins per the steps of your individual escrow agreement.
The escrow company gets a payment when the closing is complete. We'll keep you informed on what comes next.
The Escrow Holder Will:
The Escrow Holder Won't:
- Write escrow guidelines
- Request title inquiry
- Meet lender's guidelines as written in the escrow agreement
- Intake funds from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other legal documents as instructed
- Request title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been finished
- Disburse monies and finish instructions
- Advise you - the escrow holder must stay at a fair, third-party status
- Dispense opinions about the outcome of your taxes
Mortgage Escrow Account
A Mortgage Escrow Account is established to make payments for on-going expenses 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.
Once you're at ease with the escrow process, you can be a better buyer.