Completing the Transaction

Escrow
To close the sale of a property, a neutral, third party (the escrow holder) is engaged to assure the process will close appropriately 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 an Internet transaction, PayPal is the reliable third party that obtains the buyer's cash, and then hands over the money to the seller.

The escrow holder insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finalized. This includes getting monies and paperwork, finishing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your property before the final price is fully paid.

	Whether it's your first home or your next house, we'll help you through the process. Call us at 707 355-1616 and we'll give help you buy the house you want.

The documents the escrow company may obtain include: Title insurance policies Terms of sale and any seller-assisted financing Requests for payment for various services to be paid out of escrow funds Loan documents Tax statements Fire and other insurance policies

Closing on the home takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the home and the title insurance gets issued as noted in the escrow instructions.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow guidelines Request title search Meet lender's standards as outlined in the escrow agreement Accept 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 terms of agreement of seller and buyer are met Disburse monies and finalize instructions		Offer advice - the escrow holder must maintain a neutral, third-party status Give insight 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.

Once you're at ease with the escrow process, you can be a better buyer.