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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 inexperience with the real estate industry keep you from becoming a homeowner. I can help you become knowledgeable about the process. 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
    Let's talk 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 ensure the process will close correctly and in a specific time frame. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the neutral third party that holds the buyer's cash, and then disburses the money to the seller.

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

    Escrow holders compile the following forms:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.

    When closing is finished, you'll submit a payment to the escrow holder. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive payments 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 have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Meet lender's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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