(404) 419-3500 (404) 419-3500 Atlanta, Georgia, Atlanta, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Atlanta, buying a house in Atlanta, buying a house in Georgia, real estate agent in Atlanta, real estate agent in Atlanta, real estate agent in Georgia, finding a real estate agent in Atlanta, finding a real estate agent in Atlanta, finding a real estate agent in Georgia, buying houses, buying homes, selling homes, selling houses, Keller Williams Realty Peachtree Road, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 real estate industry jargon keep you from becoming a homeowner. I can help you understand the process. E-mail me at info@rickhagler.com to get some free information.

    First-Time Home Buying: How To Close on a Place

     Keller Williams Realty Peachtree Road can walk you through closing - (404) 419-3500
    Let's talk about "escrow". An escrow company is brought on to assure your place closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the payment to the seller.

    Clearing the final hurdles like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the documents that escrow companies usually compile:

    Closing on the property takes place when the steps of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

    The escrow agent 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:

    • Prepare escrow guidelines
    • Request title search
    • Comply with lender's guidelines 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 paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest 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 met
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay on-going fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

    Got a Question?

    Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

    Your Information
    Your Question