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May 04

Lake Tulloch Real Estate – What Exactly is Escrow?

lake tulloch real estate Lake Tulloch real estate agents can help you understand the term escrow. It can often be a little confusing for most people. Learn what it is and what’s done to make sure the whole selling transaction goes off without a hitch.

Lake Tulloch real estate transactions ultimately deal with Escrow. However, most people are not absolutely clear about what is happening during this process. Basically, both the seller and the buyer need to have the assurance that no property or funds will change hands, until everything in the contract has been satisfied by both parties.

This usually happens by both parties signing documents after and the buyer depositing money that’s going to be held by an independent third party. This in a nutshell is what an escrow company does for anyone engaging in a Lake Tulloch real estate deal.

It’s important to understand that this neutral escrow or third party holder for the Lake Tulloch real estate deal works for both the seller and buyer. So what are some of the duties and functions of this critical service?

What is Escrow For A Lake Tulloch Real Estate Deal ?

 What is Going On During Escrow With a Lake Tulloch Real Estate Transaction

  • Works with the buyer’s lender during escrow. This means that all loan documents will be ordered and processed between the escrow company and the lender.
  • Also, coordinates the signing of loan documents of the buyer and making sure they’ll get back to the lending party.
  • After the Lake Tulloch real estate transaction is underway, they receive the down payment of the buyer and then coordinates funding with the lender
  • Receives as well as deposits the initial deposit of the buyer as well as preparing the escrow package.
  • They will request pay off statements from existing loans.
  • Gets the sellers signature that has been notarized on the grant deed. Holds on to the grant deed until all of the conditions and terms have been met and the buyers remaining money is deposited.
  • Responsible for ordering a title search and then receives as well as distributes the preliminary title report.
  • They’re also responsible for calculating all rents, property taxes, interest, insurance and all other required expenses.
  • Orders what is called a recordation of the grants deed for the Lake Tulloch real estate deal, which conveys the title to the buyer distributing all funds. This include paying off existing loans, home protection policy, termite completion and then releases any monies that is left over to the seller.

As you can see there’s a lot that goes on with escrow during a Lake Tulloch real estate transaction. If this is all very confusing, the best path to take is to hire a Lake Tulloch real estate agent that can help you find the appropriate escrow company, so you don’t have to deal with any of this.

Most Sellers don’t realize all that is involved in the sale of their home and that’s why it’s best to put all of these responsibilities in the hands of a Lake Tulloch real estate agent that will do the job right for you.