Closing on Your First place in Pierce County

Purchasing a house for the first time can be confusing. I can help. Contact me and I'll help you become a empowered buyer.

What To Expect When You're Closing in Puyallup

FirstPoint Real Estate can walk you through closing - 253.299.2088

First, a little about "escrow". When you're closing on your new property, an escrow holder is used to ensure the process will close without problems and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web purchase, PayPal is the secure third party that obtains the buyer's payment, and then sends the money to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finished.

Escrow holders look for the following documents:

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
Terms of sale and any seller-assisted financing

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 collected. You'll then obtain the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

When closing is in it's last step, you'll submit a payment to the escrow holder. As your agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

Prepare escrow instructions
Perform a title search
Meet the bank's guidelines as specified in the escrow agreement
Accept payments from the buyer
Prorate tax, interest, insurance and other fees according to instructions
Record deeds and other legal documents as instructed
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer have been finished
Disburse funds and finalize instructions

The Escrow Holder Will Not:

Tell you what's best - the escrow agent must maintain a neutral, third-party status
Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title research Meet lender's standards as specified in the escrow agreement Receive payments from the buyer Prorate insurance, tax, interest and other payments according to guidelines 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 finalize instructions		Give advice - the escrow agent must maintain a neutral, third-party status Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.