Whether it's your first property or your next house, I'll walk you through the process. E-mail me at Katrina@ARealtyFL.com to get some free information.

Closing the Sale in Fort Myers

 Absolute Equity Realty Group LLC can walk you through closing - 239-454-9300
First, a little about "escrow". An escrow holder is brought on to assure your place closes on time and the process goes smoothly. A home is said to be in escrow when in the closing process, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. A simple way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow agent makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being completed.

Escrow companies want to obtain the following pieces of paperwork:

  • 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
  • Fire and other insurance policies

Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow policy.

When closing is completed, you'll make a payment to the escrow agent. I'll keep you updated on the next steps.

The Escrow Holder Will:

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

The Escrow Holder Will Not:

  • Offer advice - the escrow agent stays a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title inquiry
  • Comply with lender's guidelines as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax 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 are complete
  • Disburse funds and finalize instructions
  • Give advice - the escrow company stays 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. 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 individual methods might be different based on your bank and your escrow holder.

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