I'll Champion for You Through Closing

Escrow
To finalize the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close appropriately and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finalized.

	Whether it's your first home or your next property, we'll advise you through the process. E-mail us at rgibson@homeswithheart.com to get some free information.

Escrow agents look for the following forms: 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 Tax statements

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

At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Petition title search Meet the bank's requirements as outlined in the escrow agreement Intake payments from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other legal documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finish instructions		Advise you - the escrow agent must maintain a neutral, 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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