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HOW ESCROW WORKS



Understanding Manufactured Home Escrows

Closing the Sale

Escrow

To finalize the sale of manufactured home a neutral, third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property before the purchase price is fully paid.


The documentation the escrow holder may be collecting includes:


Loan documents

Tax statements

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

Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the seller and appropriate title insurance is issued as outlined in the escrow instructions.


At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable form.


The Escrow Holder Will:

The Escrow Holder Won't:

Prepare escrow instructions

Request title search

Comply with lender's requirements as specified in the escrow agreement

Receive funds from the buyer

Prorate insurance, tax, interest and other payments according to instructions

Record deeds and other documents as instructed

Request title insurance policy

Close escrow when all instructions of seller and buyer have been met

Disburse funds and finalize instructions

Give advice - the escrow holder must maintain neutral, third-party status

Offer opinions about tax implications

Manufactured Mortgage Escrow Account


A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. These expenses include property taxes, home insurance, mortgage insurance, and other escrow items. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.



vaccinations?
pet care?
keys?
house alarm?
travel to airport?
cancel milk?
cancel papers?

tickets & paperwork
passports
driving licences
visas
insurance
medication

hand luggage
travel snacks
... and sun cream!

 Mobile Home Loans Q & A  

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