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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
  • Whether it's your first house or your next place, I'll walk you through the process. Call me at (661) 821-1514.

    What To Expect When You're Closing in Tehachapi, California

     BVS Properties can walk you through closing - (661) 821-1514
    Let's talk about "escrow". When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to insure the process will close without problems and on time. A property is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the transaction is taking place. PayPal is a good example of an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being completed. This includes securing payments and certificates, completing required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your property before the agreed upon price is fully paid.

    The certificates the escrow company may obtain include:

    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 taken. You'll then receive the title to the property and the title insurance gets issued as noted in the escrow instructions.

    When closing is in it's last step, you'll pay the fees to the escrow holder. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title inquiry
    • Meet lender's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request 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 Won't:

    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title research
    • Comply with the bank's requirements 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 have been finished
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for rolling expenses while there is a loan on the 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're familiar with the escrow process, you can be a better buyer.

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