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Tip 11. Close

Closing is the successful completion of a real estate transaction, when funds are disbursed and title is transferred from seller to buyer. It involves signing loan documents, paying closing costs, and delivering the deed. Escrow is a type of closing in which documents and/or money are deposited with an escrow holder and released upon performance of certain conditions. The escrow officer is the person within an escrow company with whom you will be dealing. Lenders usually require escrow as a condition of making a loan. Some states require escrow for the sale of houses only or in cases such as court sales. Check with lenders or escrow companies to determine whether escrow on the home you want to buy is required by law. Because of the complexity of the process involved, having an escrow holder can do much to protect you when you buy a home.

Depending on the area, escrow holders can include independent escrow companies, title insurance companies, escrow departments of lending institutions (banks, savings and loans, and so on), or any other party that has a legal right (such as power of attorney) to enter into contracts involving the property. In some areas, title insurance companies act as escrow holders, and they often provide other services, usually without additional charge. They can answer questions and give explanations, provide information about houses that have recently sold in your area, and deliver important documents to city, county, and lenders' offices.

 

Congratulations! You bought the home of your dreams!

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