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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 confusing. Let me help you. E-mail me at kathy-carey@sbcglobal.net to get some free information.

    What is Escrow?

     BVS Properties can walk you through closing - (661) 821-1514
    Escrow: When you're closing on your new house, an escrow company is used to guarantee the transaction will close without problems and in a timely manner. A property is said to be in escrow when in the closing process, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an online auction, PayPal is the reliable third party that holds the buyer's cash, and then disburses the payment to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being finished. This includes securing monies and paperwork, completing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your property before the purchase price is fully paid.

    Escrow companies look for the following forms:

    You're ready to close when every step is done in escrow process. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets issued as outlined in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title search
    • Meet lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company 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:
    • Write escrow guidelines
    • Perform a title research
    • Comply with the bank's standards 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 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 company stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for recurring fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're comfortable with the escrow process, you can be a informed buyer.

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