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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
  • The process of buying a home for the first time can be confusing. Let me help you. Contact me.

    First-Time Home Buying: How To Close on a Place

     RE/MAX Classic can walk you through closing - (248) 348-3000
    Escrow: When you're closing on your new place, an escrow company is used to insure the transaction will close properly and in a timely manner. A house is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties when the transaction is taking place. 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 sellers and the buyers are completed prior to the sale being completed.

    Escrow companies want to acquire the following pieces of paperwork:

    You're ready to close when all parts are finished in escrow process. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title search
    • Meet lender's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions
    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay recurring fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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