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

 Absolute Equity Realty Group LLC can walk you through closing - 239-454-9300
Escrow: An escrow agent is brought on to assure your home closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the neutral third party that obtains the buyer's money, and then hands over the money to the seller.

Tying up any loose ends like obtaining funds, completing forms, securing the documents for loans and liens, and assuring you get a clean title to the house before your purchase gets finalized are all part of the job of the escrow holder.

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

  • 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
  • Loan documents

You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new homeowner and related title insurance is issued as noted in the escrow instructions.

The escrow holder receives a payment when the closing is complete. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title inquiry
  • Meet lender's standards as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow holder stays at an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title search
  • Comply with lender's standards as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 met
  • Disburse funds and finalize instructions
  • Tell you what's best - the escrow holder must maintain 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. 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 may be different based on your lender and your escrow agent.

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