Whether it's your first property or your next home, I'll walk you through the process. Call me at 239-454-9300 and I'll give you more information.

Completing the Transaction

 Absolute Equity Realty Group LLC can walk you through closing - 239-454-9300
First, a little about "escrow". An escrow holder is hired to assure your place closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online transaction, PayPal is the secure third party that obtains the buyer's cash, and then hands over the payment to the seller.

Clearing the final hurdles like taking in funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

These are the documents that escrow agents usually look for:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

Closing on the property happens when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, 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
  • Petition title research
  • Comply with lender's requirements as noted in the escrow agreement
  • Intake funds 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 are met
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow agent must maintain a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title inquiry
  • Meet the bank's standards as outlined in the escrow agreement
  • Receive funds 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 terms of agreement of seller and buyer are complete
  • Disburse monies and finish instructions
  • Offer advice - the escrow agent must maintain a neutral, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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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