Escrow: Now What?
You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home.
But before you get the key, there's one more step called the closing. Also called the settlement, the closing is the process of passing ownership of a property from the seller to the buyer.
As a buyer, you will sign what seems like endless piles of documents and will have to present a sizable check for various closing costs.
Many of the fees may vary by locality, here are some common fees:
- Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.
- Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
- Loan Origination Fee: This fee covers the lender's loan-processing costs. The fee is typically one percent of the total mortgage.
- Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.
- Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation, and other miscellaneous title fees.
- PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.
- Prepaid Interest Fee: This fee covers the interest payment from the date you purchase the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months’ worth of homeowner's insurance premium will be collected.
- Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.
If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!
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See what our clients are saying:
Steve and his team are wonderful to work with. As out of state buyers we relied on Steve to be our local eyes and ears. He helped us find the perfect house and the perfect location for our family. He was professional, responsive and he exceeded our expectations every step of the way. Don't hesitate, call Steve today!
Dave G.
Steve is hands down the best realtor! He helped us find our dream forever home and we couldn’t be more grateful!! He goes above and beyond for his clients, is incredible with communication and makes the purchasing process as smooth as possible. Thank you Steve for everything!
Jenn S.
Rachel was a Godsend to us after arriving here in CA! She helped us find the perfect home for us, which was no easy feat. I wish I could give more stars because she deserves them all! Steve was so kind and checked in on us to make sure we were adjusting well, and that all of our questions were answered. The entire team is beyond kind and so patient. Thank you Beach Team! We will absolutely be using them again, if -needed, and be recommending to everyone in the area that we know.
Breanna F.
We have done several transactions, both buying and selling, with Steve and the Beach Team and cannot speak highly enough… the communication, attention to detail, knowledge of the market and expert negotiation/strategy!! We recommend Steve to every person who asks for a real estate referral. We are grateful for Steve’s knowledge and expertise in helping us with our family home!
Maddie H.
Absolutely the best service and care you could hope for! Steve and his colleagues in Long Beach went above and beyond our wildest expectations. We were truly delighted to have been represented by such a professional, attentive and considerate team.
Brilliant, Fantastic and Awesome!
Ray E.
Brilliant, Fantastic and Awesome!
When we first met Steve, we knew he was the man for the job. Steve jumped on board right away helping us put our house on the market. He then brought in his associate Rachel, to assist us in relocating to another place. Rachel reliable and sweet and made us very comfortable. After our opening weekend, we received many offers and with Steve’s help, the house sold. I would highly recommend The Beach Team. Steve is a great negotiator too!
Richard G.
This team is on top of it. I want to specifically point out our amazing agent - Steve Nader. He was integral in making our first home buying experience a seamless and successful one. Not only did he help us beat out 18 offers but he also helped us negotiate the price of the house down and saved us $33,000 dollars!!! We felt truly taken care of and knew we were in good hands. His rapport-building and negotiation skills are game changers! Thank you so much Steve - our new home literally checked the box for many of our requirements and preferences. You made our dreams come true in this extremely competitive landscape. Not only did we get the house that we wanted but we also got it within the budget we had proposed. This is our first home and am so grateful we had the support of the Beach team by our side.
Stephanie M.
It’s great to work with Steve and team, attention to detail and making the sell process stress free. I am looking forward to our purchase next, not the first time using Steve and team for many reasons. Highly recommended. Thank you!!
Gonzalo C.
Steve recently helped us close on our first investment property, but I met Steve two years before that. Even though I wasn’t quite ready to make the plunge yet, I found Steve to be very knowledgeable and knew I wanted to use him when I decided to buy. Once we identified a property Steve moved quickly and was not only a strong client advocate, but was also able to develop strong rapport with the listing agent to really steer the transaction our way. Bottom line, Steve is a great resource and his team of veterans were professionals throughout the process. I have referred him to friends and would not hesitate doing so again. Give Steve a call!
Timothy L.
Steve was working tirelessly for us from start to finish. We are impressed with the Beach team with Steve at it's helm. Every step of the way Steve and the team were engaged. We asked him to be an aggressive agent on our behalf and Steve showed up and then some. He got us our dream home right before Christmas in the middle of lockdowns. He was Santa for our family and a hero who helped make our dreams come true.
Kristin C.
It’s always wonderful when a team has your back! Steve Nader has his team made it so easy. This team will keep you on track and doing what needs to be done to sell and buy your new home. Our family was wowed and well taken care of! Highly recommend!
Kelly P.
Working with Steve was seamless - beginning to end. His responsiveness and availability (even during his vacation!) sets him apart. Great home. Wonderful neighborhood. Happy buyers. Five Stars all the way. Thanks Steve!
Lee B.
We have no hesitation to give Steve Nader and the entire Beach Team a 5 Star review! We’d give 10 if we could. We both purchased and sold our house through them and both transactions were incredibly smooth. We appreciated their transparency in communication and we always knew they had our best interest in mind. The listing marketing was top notch and the organization along the way was stellar. Thank you!
Jaime S.
The experience working with Rachel Rivera and the Beach Team was excellent. It was my first home purchase and they helped me every step of the way. I’m very grateful to have found Rachel. When I first met her, I had a daunting request — told her I wanted a condo with floor to ceiling windows and an ocean view. We looked near and far and just like magic she pulled off the almost - impossible and got me my dream condo. She was always responsive and constantly kept me in the loop, so there were no mysteries and ultimately the process could not have gone smoother. I highly recommend Rachel and look forward to working with her again on my second home purchase. Many thanks to Rachel & Team!
Iulia V.
Steve went above and beyond for us! We were able to find our dream home and close in less than 3 weeks! We enjoyed every part of working with Beach Team- we could not have done it without them! Thank you for everything!!!
Catrina M.
Rachel Rivera at Beach Team helped me locate a property within a couple of weeks. Competing against multiple offers, she was able ultimately to secure the property for me. It was a smooth escrow and everything worked out well.
James W.
Steve and his team were nothing short of amazing. He not only sold our home, but he also found us a new one that exceeded our expectations. From prelisting prep, to marketing, and close his team had such a high level of communication that we felt there was nothing to worry about. Thank you Steve Nader and Beach Team.
Seth D.
Best real estate agency in Long Beach. Pleasure to work with. Rachel went above and beyond.
Thank you!
Geoff C.
Thank you!
Steve Nader and the Beach Team are fabulous--- hardworking, meticulous about every detail, and really congenial to work with.
Steve helped me find my property in Long Beach , knowing full well that I was going through a near state of panic trying to locate a replacement property for a 1031 Exchange property. He is extremely intelligent and sensitive to the needs of the people he is representing, something I have often found lacking in the many realtors whom I have worked with through the multiple transactions I have engaged in over the course of 40 years in quite a few different states.
Whether you are a buyer or a seller---sign up with him ----you will not regret it. From day 1, I am confident he will represent you better than almost anyone else can.And on top of it, you will really respect his integrity, smarts, and sensitivity to you as his client.
Lily W.
Steve helped me find my property in Long Beach , knowing full well that I was going through a near state of panic trying to locate a replacement property for a 1031 Exchange property. He is extremely intelligent and sensitive to the needs of the people he is representing, something I have often found lacking in the many realtors whom I have worked with through the multiple transactions I have engaged in over the course of 40 years in quite a few different states.
Whether you are a buyer or a seller---sign up with him ----you will not regret it. From day 1, I am confident he will represent you better than almost anyone else can.And on top of it, you will really respect his integrity, smarts, and sensitivity to you as his client.
Steve and the Beach Team provide 5 star service all the way! My husband and I have bought and sold 3 homes with Steve over the past 5 years as our family continues to grow. He brings both vast market knowledge and amazing customer service to one of the most important decisions you will make in life. Steve has a keen eye for detail and brokers a favorable transaction every time. The Beach Team goes above and beyond to ensure each client is beyond satisfied.
Carly M.
