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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
  • Whether it's your first house or your next house, I'll help you through the process. Call me at 801.205.7355.

    Closing the Sale in Riverton, Utah

     MOVE Utah Real Estate can walk you through closing - 801.205.7355
    First, a little about "escrow". When you're closing on your new property, an escrow company is used to insure the transaction will close without problems and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Settling the last details like receiving funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the home before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    Escrow agents want to obtain the following legal documents:

    Closing on the home happens when all of the procedures of the escrow are finished. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title goes to you and title insurance is issued per the steps of your individual escrow agreement.

    The escrow agent gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title search
    • Meet the bank's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • 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 finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Comply with the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. 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 informed home buyer and future homeowner.

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