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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
  • Buying real estate for the first time can be overwhelming. I can help. Contact me and I'll make sure you're a well-informed buyer.

    Steps to Closing on a Home

     RE/MAX Town Centre can walk you through closing - (407) 996-3200
    Escrow: To finish the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the transaction will close perfectly and on time. 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 understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Settling the last details like obtaining funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    Escrow holders want to obtain the following documents:

    You're ready to close when every step is finished in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. As your real estate agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title research
    • Meet the bank's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Comply with the bank's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Give advice - the escrow company stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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