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  • 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
  • Purchasing real estate for the first time can be overwhelming. I can help. Call me at (661) 821-1514.

    The Place is Almost Yours

     BVS Properties can walk you through closing - (661) 821-1514
    Let's talk about "escrow". An escrow agent is brought on to assure your home closes on time and the transaction goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet transaction, PayPal is the neutral third party that holds the buyer's funds, and then sends the money to the seller.

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

    Escrow companies look for the following legal documents:

    You're ready to close when each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

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

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain 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 company must stay at a fair, third-party status
    • Dispense opinions 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.

    Once you have the ABCs of the escrow process down, you can be a informed buyer.

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