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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
  • 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 empowered buyer.

    What is Escrow?

     Leslie Scott Realty, LLC can walk you through closing - (918)348-9250
    Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close correctly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being completed.

    The records the escrow holder may secure include:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

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

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title research
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Receive 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 instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Comply with lender's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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