First-Time Home Buying: Closing

Pathfinder Real Estate Services can walk you through closing - 509-774-0466

Escrow
To close the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close perfectly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finalized.


	Whether it's your first property or your next house, I'll help you through the process. Contact me.

Escrow holders compile the following legal 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
Loan documents

Closing on the house takes place when all of the procedures of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The home's title gets transferred to you and title insurance is issued per the steps of your particular escrow agreement.

When closing is done, you'll submit a payment to the escrow agent. I'll keep you updated on the next steps.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Request title inquiry Meet lender's standards as outlined in the escrow agreement Accept funds from the buyer Prorate tax, interest, insurance and other fees according to instructions Record deeds and other documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer have been met Disburse monies and finish instructions		Give advice - the escrow company must maintain a neutral, third-party status Offer opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you're familiar with the escrow process, you can be a confident buyer.

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