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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
  • Don't let real estate industry jargon scare you from becoming a homeowner. I can help you work your way through the process. Call me at (407) 996-3200 and I'll give all the info you'll need to move forward.

    First-Time Home Buying: How To Close on a Home

     RE/MAX Town Centre can walk you through closing - (407) 996-3200
    Escrow: To close the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close properly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the neutral third party that obtains the buyer's funds, and then disburses the payment to the seller.

    The escrow company insures that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being completed. This includes receiving funds and certificates, completing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the negotiated price is fully paid.

    These are the legal forms that escrow agents usually compile:

    You're ready to close when all steps are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The property's title gets handed over to you and title insurance begins per the policies of your particular escrow agreement.

    When closing is done, you'll submit a payment to the escrow agent. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Meet the bank's requirements as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest 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 monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay 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.

    This is a quick run-down of the escrow process. Your specific methods may vary based on your bank and your escrow company.

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