Buying real estate for the first time can be intimidating. Let me help you. E-mail me at mccisse@americandreamcorporation.com .

Closing the Sale in San Diego, California

 American Dream Corporation dba ADC Realty can walk you through closing - 8582927170
Let's talk about "escrow". When you're closing on your new place, an escrow holder is used to make sure the transaction will close properly and in a timely manner. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet auction, PayPal is the secure third party that holds the buyer's money, and then sends the funds to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finished.

Escrow holders collect the following records:

  • 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

Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as now current homeowner and appropriate title insurance is issued as outlined in the escrow policy.

At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on what comes next.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title search
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder has to remain an impartial, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title inquiry
  • Meet the bank'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
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse funds and finalize instructions
  • Advise you - the escrow agent must stay at a fair, 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.

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

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American Dream Corporation dba ADC Realty

CABRE Lic. #01411740

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