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Closing the Sale in Fresno

 Real Pro Properties can walk you through closing - (559) 440-9112
First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the process will close correctly and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

Clearing the final hurdles like receiving funds, signing forms, getting the documents for loans and liens, and making sure you get a spotless title to the home in preparation of your purchase gets finalized are all part of the job of the escrow holder.

These are the legal documents that escrow agents usually compile:

  • 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

Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets issued as outlined in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title research
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Give advice - the escrow company stays a neutral, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Request title research
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finalize instructions
  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay recurring fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you have the rules of the escrow process down, you can be a better buyer.

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Real Pro Properties

700 E. Shaw Ave.
Fresno, CA 93710-7732