Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. E-mail me at anne.stoneridge@gmail.com to get some free information.

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

 Stoneridge Realty & Property Management Services can walk you through closing - 760-727-3776
Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your place closes on time and the closing process goes smoothly. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good way to picture an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finalized.

Escrow holders want to acquire the following pieces of paperwork:

  • 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
  • Loan documents
  • Tax statements

You're ready to close when every step is complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then obtain the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

The escrow company receives a payment when the closing is complete. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title search
  • Meet the bank's requirements as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow company stays a neutral, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title search
  • Meet the bank's requirements as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 funds and finish instructions
  • Give advice - the escrow holder stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the 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 how to close on your future home. And, you can be a better informed home buyer and future homeowner.