Whether it's your first property or your next house, I'll advise you through the process. E-mail me at lesliescottrealty@att.net to get some free information.

I'll Champion for You Through Closing

 Leslie Scott Realty, LLC can walk you through closing - (918)348-9250
Escrow: An escrow company is brought on to assure your property closes on time and the process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finalized.

These are the pieces of paperwork that escrow companies usually look to collect:

  • 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 each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

The escrow holder receives a payment at the completion of closing. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title search
  • Meet the bank's standards as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions

The Escrow Holder Will Not:

  • Give advice - the escrow agent stays a neutral, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title search
  • Meet the bank's requirements as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 have been met
  • Disburse funds and finish instructions
  • Advise you - the escrow company must maintain a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

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

Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.