Closing the Sale in San Diego, California

Escrow
To finish the sale of a place, a neutral, third party (the escrow agent) is employed to assure the process 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. PayPal is a simple way to think of an escrow company.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finished.

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These are the legal documents that escrow holders usually compile: 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

You're ready to close when all steps are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The property's title goes to you and title insurance is issued per the policies of your individual escrow agreement.

When closing is completed, you'll submit a payment to the escrow company. We'll keep you updated through the procedure.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Petition title research Meet lender's standards as written in the escrow agreement Accept funds from the buyer Prorate insurance, tax, interest and other payments according to instructions Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are met Disburse monies and finalize instructions		Offer advice - the escrow holder has to remain an impartial, third-party status Dispense opinions about tax implications

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.

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