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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
  • Whether it's your first place or your next house, I'll walk you through the process. Contact me.

    The Place is Almost Yours

     VIP Realtors can walk you through closing - 239-472-5187 x 331
    Escrow: To finalize the sale of a home, a neutral, third party (the escrow holder) is engaged to assure the transaction will close perfectly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web transaction, PayPal is the neutral third party that holds the buyer's payment, and then hands over the money to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finished.

    Escrow agents collect the following pieces of paperwork:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets transferred to you and title insurance begins per the steps of your individual escrow process.

    At the close of escrow, in an acceptable form to the escrow. 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 requirements as written in the escrow agreement
    • Accept payments 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 have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title search
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow holder must stay at a fair, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your specific plan might be slightly different based on your bank and your escrow holder.

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