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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
  • Purchasing real estate for the first time can be intimidating. Let me help you. E-mail me at judy@sanibel-properties.net .

    Steps to Closing on a House

     VIP Realtors can walk you through closing - 239-472-5187 x 331
    Escrow: An escrow holder is brought on to assure your place closes on time and the money exchanging part of closing goes smoothly. A home is said to be in escrow when in the closing process, funds is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in an online auction, PayPal is the reliable third party that obtains the buyer's funds, and then disburses the payment to the seller.

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

    These are the records that escrow companies usually look for:

    You're ready to close when every step is complete in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as buyer and appropriate title insurance is issued as noted in the escrow policy.

    When closing is done, you'll make a payment to the escrow holder. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Meet the bank's requirements as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents 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:

    • Advise you - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Give advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations

    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.

    Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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