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What To Expect When You're Closing in Henderson, Nevada
Let's talk about "escrow". To finish the sale of a house, a neutral, third party (the escrow agent) is brought into the picture 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.
PayPal is a good example of an escrow company.
Tying up any loose ends like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the house prior to your purchase gets finalized are all parts of closing in which an escrow company is useful.
These are the legal documents that escrow agents usually compile:
- 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
Upon completion of all instructions of the escrow, closing can take place.
At this time, all payments and fees for inspections, title insurance and real estate commissions are taken.
You'll then get the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.
The escrow company gets a payment when the closing is complete.
As your REALTOR, I'll let you know what is an acceptable way of paying.
The Escrow Holder Will:
The Escrow Holder Won't:
- Write escrow guidelines
- Perform a title inquiry
- Comply with lender's guidelines as specified in the escrow agreement
- Intake payments from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other legal documents as instructed
- Request title insurance policy
- Close escrow when all terms of agreement of seller and buyer are complete
- Disburse monies and finish instructions
- Tell you what's best - the escrow agent stays a neutral, 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.
Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the ABCs of the escrow process down, you can be a better buyer.