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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 prevent you from becoming a homeowner. I can help you understand the process. Contact me and I'll help you become a empowered buyer.

What To Expect When You're Closing in San Jose, California

Let's talk about "escrow". An escrow agent is brought on to assure your property closes on time and the transaction goes smoothly. When payment is 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 cash, and then hands over the funds to the seller.

The escrow company makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finalized. This includes receiving monies and documents, completing required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clear title to your place before the final price is fully paid.

The documents the escrow holder may secure include:

Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance begins per the steps of your individual escrow process.

When closing is in it's last step, you'll submit a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

• Assemble escrow guidelines
• Perform a title inquiry
• Comply with lender's requirements as specified in the escrow agreement
• Intake payments 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 funds and finalize instructions

The Escrow Holder Will Not:

• Advise you - the escrow holder must stay at a fair, third-party status
• Give insight about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Petition title research Comply with the bank's requirements as noted in the escrow agreement Receive funds from the buyer Prorate interest, insurance, tax and other payments 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 funds and finalize instructions		Give advice - the escrow agent must stay at a fair, third-party status Dispense opinions about future tax estimations

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.

This is a easy to understand guide about the escrow process. Your particular process might be different based on your bank and your escrow agent.