The process of buying a home for the first time can be intimidating. Let me help you. Call me at (918)348-9250 and I'll give all the info you'll need to move forward.

Steps to Closing on a House

 Leslie Scott Realty, LLC can walk you through closing - (918)348-9250
Escrow: To finish the sale of a home, a neutral, third party (the escrow company) is engaged to assure the transaction will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow holder insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes receiving payments and documents, signing required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your place before the agreed upon price is fully paid.

The documents the escrow agent may secure include:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then secure the title to the property and the title insurance gets issued as stated in the escrow instructions.

The escrow holder gets a payment when the closing is complete. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title research
  • Meet lender's requirements as written 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
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow agent has to remain an impartial, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Request title search
  • Meet the bank's requirements as written in the escrow agreement
  • Intake payments 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 are complete
  • Disburse funds and finalize instructions
  • Advise you - the escrow agent stays 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.

Once you have the rules of the escrow process down, you can be a informed buyer.


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