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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 property, I'll walk you through the process. Contact me and I'll help you become a smart buyer.

    Steps to Closing on a Home

     Goodwin & Thyne Properties can walk you through closing - 805-899-1100
    First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the process will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes securing payments and certificates, signing required forms, and seeking out 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 negotiated price is fully paid.

    These are the pieces of paperwork that escrow companies usually compile:

    You're ready to close when each step of the done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets transferred to you and title insurance is issued per the steps of your individual escrow agreement.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title search
    • Comply with the bank's requirements as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title search
    • Meet lender's standards as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees 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
    • Give advice - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 how to close on your future home. And, you can be a smarter home buyer and future homeowner.