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Closing the Sale in Vista

 Stoneridge Realty & Property Management Services can walk you through closing - 760-727-3776
First, a little about "escrow". To close the sale of a property, a neutral, third party (the escrow company) is employed to assure the transaction will close perfectly and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet auction, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the funds to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.

Escrow companies collect the following pieces of paperwork:

  • 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 instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

At the close of escrow, 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 inquiry
  • Meet the bank's guidelines as noted 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 have been met
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title search
  • Meet the bank's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about future tax estimations

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.

This is a simple outline of the escrow process. Your individual methods might be unique based on your bank and your escrow agent.