subject: Tips and Tricks for Looking for Santa Monica Foreclosures Tip 917 [print this page] Buying a house is the single most stressful and costly event of your life usually. All the ups and downs related to the home buying process would certainly feel like an exciting roller coaster ride to a pot of gold over the end of the rainbow.
Aside from looking for the perfect house, employing a skillful real estate agent, negotiating with sellers, and getting a mortgage approval, you would also need to accomplish the closing process. The below article details some important facts about the escrow process. Before we begin, if you're interested in moving to a more exotic location, search for Santa Monica foreclosures into Google for inspiration.
Basic definition of escrow
The frist thing to know is that this is the last stage in the home buying process. All the loose ends are tended to in this stage. This is also the time for title searches to be commissioned on the property you wish to purchase. By conducting a comprehensive title search, it would be easy to detect whether your seller is legitimate to sell his home or not. This is the expected procedure nowadays, especially with regard to Santa Monica foreclosures.
What is expected of you during the closing period
Your first need to hire the services of a reputable title company. The title company you would choose would then send one of their employees in order to assist you during the escrow process. I found some especially helpful agents when I had some Santa Monica foreclosures.
You need to sign a HUD-1 form which lists all the expenses of your purchase. This form will also serve as your guide as to how much you can be expected to pay during the closing process - all charges you are liable for will be listed.
It is also of paramount importance that you attend all meetings related to your purchase. It is also advisable to invite your broker to attend meetings. This is again the expected procedure, especially in terms of Santa Monica foreclosures.
Tasks and responsibilities of an escrow agent
The closing agent is one of the key players in the closing process. He is responsible for making sure that all parties get exactly what they bargained for from a real estate transaction.
The closing agent will also have access to the management of the escrow account. This bank account will contain all the necessary monies to pay any fees agreed. He will also ensure that all deposits and withdrawals are valid and related to the closing process. He also closes this account after the period of settlement is finally finished.
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Tips and Tricks for Looking for Santa Monica Foreclosures Tip 917
