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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 prevent you from becoming a homeowner. I can help you understand the process. Call me at 239-454-9300 and I'll give all the info you'll need to move forward.

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

     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 home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the process will close correctly and in a timely manner. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web transaction, PayPal is the reliable third party that obtains the buyer's cash, and then disburses the money to the seller.

    Settling the last details like receiving funds, completing forms, securing the documents for loans and liens, and making sure you get a clean title to the house in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    The pieces of paperwork the escrow agent may secure include:

    You're ready to close when each step of the finished in escrow process. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - 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:
    • Assemble escrow guidelines
    • Perform a title search
    • Meet the bank's guidelines as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions
    • Give advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling 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.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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