Don't let the unknown prevent you from becoming a homeowner. I can help you understand the process. Contact me.

I'll Champion for You Through Closing

 Absolute Equity Realty Group LLC can walk you through closing - 239-454-9300
First, a little about "escrow". When you're closing on your new place, an escrow company is used to ensure the process will close correctly and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web auction, PayPal is the reliable third party that obtains the buyer's money, and then disburses the funds to the seller.

The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finalized. This includes getting funds and records, signing required forms, and getting the release documents for any loans or liens that were paid with the transaction, assuring you have a free title to your home before the purchase price is fully paid.

The documents the escrow agent may secure include:

  • 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
  • Loan documents
  • Tax statements

You're ready to close when each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The property's title gets transferred to you and title insurance begins per the steps of your individual escrow process.

When closing is completed, you'll submit a payment to the escrow agent. I'll keep you up-to-date on the procedure.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title research
  • Comply with the bank's standards as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow agent stays at an impartial, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title inquiry
  • Comply with lender's requirements as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest 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 met
  • Disburse monies and finish instructions
  • Give advice - the escrow holder must stay at a fair, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay recurring fees 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 ABCs of the escrow process down, you can be a more assured buyer.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question