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Buying a home for the first time can be intimidating. I can help. E-mail me at shawna@scottproperties.net .

Completing the Transaction

 Sand & Sea Realty can walk you through closing - 6199905516
Let's talk about "escrow". An escrow holder is used to assure your home closes on time and the transaction goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An easy way to understand what an escrow company does is to think of the use of PayPal for online purchases.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being completed.

These are the legal documents that escrow holders usually compile:

  • 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

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

The escrow agent receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Request title research
  • Meet the bank's requirements as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Meet lender's requirements as written in the escrow agreement
  • Receive 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 are met
  • Disburse monies and finish instructions
  • Give advice - the escrow holder stays at an impartial, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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