What To Expect When You're Closing in Noble County

Escrow
To finish the sale of a property, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. A property is said to be in escrow when in the closing process, payment is secured by a third party on behalf of two parties when the transaction is taking place. For example, in an Internet transaction, PayPal is the neutral third party that obtains the buyer's payment, and then sends the money to the seller.

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finished. This includes getting payments and certificates, filling out required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

	Don't let real estate industry jargon prevent you from becoming a homeowner. We can help you become knowledgeable about the process. Call us at 580 336 4400.

Escrow companies look for the following legal documents: Loan 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

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The property's title goes to to you and title insurance is issued per the steps of your particular escrow agreement.

At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title research Meet lender's requirements as written in the escrow agreement Intake funds from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other legal documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are met Disburse monies and finish instructions		Advise you - the escrow agent must maintain a neutral, third-party status Give insight about future tax estimations

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 rules of the escrow process down, you can be a informed buyer.