Whether it's your first place or your next property, I'll educate you through the process. Contact me and I'll help you become a smart buyer.

Closing the Sale in Muskogee, Oklahoma

 Leslie Scott Realty, LLC can walk you through closing - (918)348-9250
First, a little about "escrow". When you're closing on your new house, an escrow agent is used to insure the process will close appropriately and in a certain amount of time. A home is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties when the transaction is taking place. An everyday way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

Tying up any loose ends like taking in funds, completing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

These are the records that escrow holders usually compile:

  • Loan documents
  • 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

You're ready to close when each step of the done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title is given to you and title insurance begins per the steps of your particular escrow process.

When closing is completely finished, you'll make a payment to the escrow agent. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Comply with the bank's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title research
  • Meet lender's standards as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse payments and finish instructions
  • Offer advice - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you're at ease with the escrow process, you can be a confident buyer.