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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
  • Purchasing a home for the first time can be intimidating. I can help. Call me at (407) 996-3200 and I'll give you more information.

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

     RE/MAX Town Centre can walk you through closing - (407) 996-3200
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your property closes on time and the transaction goes smoothly. A property is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the exchange of money takes place. A simple way to think of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being completed.

    Escrow companies want to obtain the following legal documents:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as now current homeowner and correct title insurance is issued as outlined in the escrow instructions.

    The escrow holder receives a payment at the completion of closing. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title research
    • Comply with lender's guidelines as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Meet the bank's standards as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions
    • Give advice - the escrow company must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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're at ease with the escrow process, you can be a confident buyer.

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