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Buying Your Next Home: Closing

 ADC Realty Investments Group Inc. can walk you through closing - 8582927170
First, a little about "escrow". To finish the sale of a house, a neutral, third party (the escrow agent) is engaged to assure the process will close appropriately and on time. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. An everyday way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.

The escrow agent insures that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being completed. This includes getting payments and records, finishing required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your house before the asking price is fully paid.

The pieces of paperwork the escrow company may secure include:

  • 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

Closing on the home happens when the steps of the escrow are complete. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance is issued per the steps of your particular escrow process.

When closing is finished, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title inquiry
  • Comply with lender's guidelines as noted in the escrow agreement
  • Receive 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 instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title research
  • Meet lender's requirements as specified in the escrow agreement
  • Receive payments 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 terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow holder stays at an impartial, third-party status
  • Give insight 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 being in escrow. And, you can be a more informed home buyer and future homeowner.

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ADC Realty Investments Group Inc.

CABRE Lic. #02182318

4660 La Jolla Village Drive Ste. 100
San Diego, CA 92122-1251