Steps to Closing on a Home

Keller Williams Realty can walk you through closing - (310) 614-1393

Escrow
An escrow company is hired to assure your house closes on time and the money exchanging part of closing goes smoothly. A home is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in an Web purchase, PayPal is the reliable third party that holds the buyer's cash, and then disburses the payment to the seller.

Clearing the final hurdles like receiving funds, completing forms, securing the documents for loans and liens, and assuring you a spotless title to the home in preparation of your purchase gets finalized are all part of the job of the escrow holder.

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 collected. You'll then obtain the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

The escrow agent gets a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Perform a title inquiry Meet lender's requirements 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 Obtain title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse funds and finalize instructions		Tell you what's best - the escrow agent must maintain a neutral, third-party status Give insight about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for 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 how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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Hollywood Hills Homes for Sale

Hollywood Hills Real Estate

Direct: (310) 614-1393
Fax: (310) 882-6821
jeffgiordano@kw.com