Don't let the unknown keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at frank@lspguam.com .

The House is Almost Yours

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Escrow: An escrow agent is brought on to assure your home closes on time and the transaction goes smoothly. A property is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. PayPal is a good way to picture an escrow company.

Settling the last details like obtaining funds, completing forms, getting the documents for loans and liens, and assuring you get a clean title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

The pieces of paperwork the escrow holder may obtain include:

  • 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
  • Title insurance policies

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets issued as outlined in the escrow instructions.

When closing is completely finished, you'll pay the fees to the escrow holder. I'll keep you updated on what comes next.

The Escrow Holder Will:

  • Write escrow instructions
  • Request title research
  • Meet lender's standards as written in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow company must stay at a fair, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Comply with the bank's guidelines as specified in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow company must maintain a neutral, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a easy to understand guide about the escrow process. Your specific process may vary depending on your bank and your escrow holder.

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Latte Stone Properties, LLC

Suite 101, 597 N Marine Corps Dr
Tamuning, Guam 96913