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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
  • Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. Contact me.

    Closing the Sale in Sanibel

     VIP Realtors can walk you through closing - 239-472-5187 x 331
    Escrow: To complete the sale of a property, a neutral, third party (the escrow company) is brought into the picture to assure the process will close correctly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    Clearing the final hurdles like taking in funds, completing forms, getting the documents for loans and liens, and making sure you get a clean title to the property before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The records the escrow company may obtain include:

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

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

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive funds 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 instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title research
    • Comply with the bank's guidelines as written in the escrow agreement
    • Accept 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 instructions of seller and buyer have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Dispense opinions 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a quick run-down of the escrow process. Your individual plan may be unique based on your bank and your escrow company.

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