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  • 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
  • Whether it's your first house or your next place, I'll advise you through the process. Contact me and I'll make sure you're a well-informed buyer.

    First-Time Home Buying: Closing

     RE/MAX Town Centre can walk you through closing - (407) 996-3200
    Let's talk about "escrow". An escrow company is hired to assure your place closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes receiving funds and paperwork, completing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your home before the final price is fully paid.

    Escrow agents compile the following records:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

    When closing is finished, you'll make a payment to the escrow holder. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title inquiry
    • Meet lender's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Comply with lender's standards as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax 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 are complete
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you have the rules of the escrow process down, you can be a confident buyer.

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