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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
  • Buying a home for the first time can be confusing. I can help. Contact me and I'll help you become a smart buyer.

    What To Expect When You're Closing in Fort Myers, Florida

     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 agent is used to make sure the transaction will close without problems and in a specific time frame. A house is said to be in escrow when in the closing process, payment is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in a Web purchase, PayPal is the reliable third party that holds the buyer's cash, and then sends the funds to the seller.

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

    These are the pieces of paperwork that escrow holders usually look for:

    Closing on the house happens when all of the procedures of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the property is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title research
    • Meet the bank's requirements as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title inquiry
    • Comply with the bank's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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