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Closing the Sale in Sanibel

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Escrow: An escrow holder is used to assure your home closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online purchase, PayPal is the reliable third party that obtains the buyer's funds, and then disburses the funds to the seller.

Tying up any loose ends like taking in funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the home prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

Escrow holders want to obtain the following documents:

  • 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
  • Tax statements

Closing on the property takes place when the steps of the escrow are complete. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). 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 agent gets a payment at the completion of closing. As your REALTOR, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Request title inquiry
  • Comply with the bank's standards as outlined in the escrow agreement
  • Accept 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 are complete
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - 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:
  • Prepare escrow guidelines
  • Perform a title inquiry
  • Comply with the bank's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • 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
  • Tell you what's best - the escrow agent has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

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.

Once you're familiar with the escrow process, you can be a more assured buyer.

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