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What To Expect When You're Closing in Vista, California

 Stoneridge Realty & Property Management Services can walk you through closing - 760-727-3776
Let's talk about "escrow". To complete the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's payment, and then hands over the funds to the seller.

Tying up any loose ends like receiving funds, completing forms, getting the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

The documents the escrow company may secure 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

You're ready to close when all steps are complete in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

When closing is in it's last step, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Perform a title research
  • Comply with 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 documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions 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 must stay at a fair, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title search
  • Meet lender's standards as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finalize instructions
  • Offer advice - the escrow holder must maintain a neutral, 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. 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 being in escrow. And, you can be a more confident home buyer and future homeowner.