(918)348-9250 (918)348-9250 Muskogee, Oklahoma, Muskogee, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Muskogee, buying a house in Muskogee, buying a house in Oklahoma, real estate agent in Muskogee, real estate agent in Muskogee, real estate agent in Oklahoma, finding a real estate agent in Muskogee, finding a real estate agent in Muskogee, finding a real estate agent in Oklahoma, buying houses, buying homes, selling homes, selling houses, Leslie Scott Realty, LLC, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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
  • Buying real estate for the first time can be confusing. Let me help you. E-mail me at lesliescottrealty@att.net to get some free information.

    The Place is Almost Yours

     Leslie Scott Realty, LLC can walk you through closing - (918)348-9250
    First, a little about "escrow". An escrow company is used to assure your place closes on time and the closing process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow company insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes securing funds and records, signing required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your place before the purchase price is fully paid.

    These are the legal documents that escrow agents usually compile:

    You're ready to close when each step of the finished in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and related title insurance is issued as noted in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title inquiry
    • Meet lender's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest 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 monies and finalize instructions
    • Offer advice - the escrow company stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 how to close on your future home. And, you can be a better informed home buyer and future homeowner.