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Completing the Transaction

 Absolute Equity Realty Group LLC can walk you through closing - 2394549300
Let's talk about "escrow". An escrow agent is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finalized. This includes securing monies and documents, finishing required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a free title to your house before the asking price is fully paid.

Escrow holders look for the following legal documents:

  • 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

Closing on the home takes place when all of the procedures of the escrow are complete. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

When closing is done, you'll make a payment to the escrow agent. As your agent, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title search
  • Meet the bank's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Comply with the bank's guidelines as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you're at ease with the escrow process, you can be a informed buyer.

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