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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". To finalize the sale of a place, a neutral, third party (the escrow holder) is employed to assure the process will close properly and on time. A house is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

Tying up any loose ends like receiving funds, completing forms, securing the documents for loans and liens, and making sure you get a clean 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 pieces of paperwork that escrow agents usually look for:

  • 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

Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance begins per the policies of your particular escrow process.

When closing is completely finished, you'll pay the fees to the escrow agent. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Request title inquiry
  • Comply with the bank's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments 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 finished
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title research
  • 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 guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse monies and finalize instructions
  • Advise you - the escrow company must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a quick run-down of the escrow process. Your particular plan may be slightly different based on your bank and your escrow company.

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