Don't let the unknown keep you from becoming a homeowner. I can help you work your way through the process. E-mail me at frank@lspguam.com .

What To Expect When You're Closing in Tamuning, Guam

 Latte Stone Properties, LLC can walk you through closing - (671) 647-5577
Escrow: When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to guarantee the process will close correctly and in a specific time frame. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in a Web transaction, PayPal is the neutral third party that holds the buyer's funds, and then disburses the funds to the seller.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes getting funds and certificates, filling out required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

The pieces of paperwork the escrow agent may collect 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

Closing on the home takes place when the steps of the escrow are finished. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets transferred to you and title insurance is issued per the policies of your individual escrow process.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title research
  • Comply with the bank's guidelines as outlined 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 terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow agent has to remain an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title search
  • Meet lender's requirements as written in the escrow agreement
  • Accept funds 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 terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions
  • Offer advice - the escrow company must stay at a fair, third-party status
  • Offer 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. 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 quick run-down of the escrow process. Your individual methods may be unique depending on your lender and your escrow holder.

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Latte Stone Properties, LLC

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