Don't let real estate industry jargon keep you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at 239-454-9300 and I'll give all the info you'll need to move forward.

Closing the Sale in Fort Myers

 Absolute Equity Realty Group LLC can walk you through closing - 239-454-9300
First, a little about "escrow". To finish the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online auction, PayPal is the neutral third party that holds the buyer's funds, and then disburses the money to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finalized.

The documents the escrow agent may obtain include:

  • 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

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

At the close of escrow, in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title inquiry
  • Meet lender's standards as outlined in the escrow agreement
  • Receive 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 are met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent stays at an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Perform a title inquiry
  • Meet lender's standards as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finalize instructions
  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Give insight 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.

This is a easy to understand guide about the escrow process. Your individual process could be slightly different based on your lender and your escrow agent.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question