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What To Expect When You're Closing in Orlando, Florida

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First, a little about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to insure the transaction will close properly and on time. A place is said to be in escrow when in the closing process, payment is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. An everyday way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being finalized.

These are the pieces of paperwork that escrow agents usually look for:

  • 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

Closing on the property happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the house is then transferred to you as buyer and appropriate title insurance is issued as outlined in the escrow policy.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Request title search
  • Meet the bank's requirements as outlined in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow agent stays at an impartial, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title inquiry
  • Meet lender's requirements as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finish instructions
  • Give advice - the escrow company must stay at a fair, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Once you have the basics of the escrow process down, you can be a better buyer.

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