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What To Expect When You're Closing in Oakland, California

 Thomas-Chambers Company<br>BRE # 01208644 can walk you through closing - 5106010116
First, a little about "escrow". To finalize the sale of a home, a neutral, third party (the escrow holder) is employed to assure the transaction will close properly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good example of an escrow company.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes receiving funds and certificates, filling out required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your property before the final price is fully paid.

Escrow agents compile the following forms:

  • Loan documents
  • 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

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

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

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title inquiry
  • Comply with the bank's requirements as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title inquiry
  • Comply with the bank's requirements as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finalize instructions
  • Advise you - the escrow company stays at an impartial, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 being in escrow. And, you can be a more informed home buyer and future homeowner.

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Thomas-Chambers Company
BRE # 01208644

449 W MacArthur Blvd.
Oakland, CA 94609