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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
  • Don't let the unknown keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at paul@wilsonabq.com .

    Closing the Sale in Albuquerque

     The Home Team of eXp Realty can walk you through closing - 505-293-1224
    First, a little about "escrow". To close the sale of a property, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close perfectly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's money, and then sends the money to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes securing funds and paperwork, signing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your house before the final price is fully paid.

    The certificates the escrow agent may secure include:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Meet lender's guidelines as outlined in the escrow agreement
    • Receive 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 instructions of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title research
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Advise you - the escrow company must stay at a fair, 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.

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

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