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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
  • Don't let the unknown scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at lesliescottrealty@att.net to get some free information.

    Completing the Transaction

     Leslie Scott Realty, LLC can walk you through closing - (918)348-9250
    Escrow: An escrow agent is hired to assure your house closes on time and the transaction goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that obtains the buyer's funds, and then disburses the money to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finished.

    These are the legal forms that escrow companies usually look for:

    Closing on the property happens when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance is issued per the steps of your individual escrow process.

    When closing is done, you'll submit a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified 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
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title research
    • Meet the bank's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay recurring fees 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 comfortable with the escrow process, you can be a confident buyer.