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Steps to Closing on a Property

 Sand & Sea Realty can walk you through closing - 6199905516
Let's talk about "escrow". When you're closing on your new home, an escrow holder is used to make sure the process will close appropriately 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 everyday way to understand what an escrow company does is to think of the use of PayPal for online purchases.

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

The certificates the escrow holder may collect include:

  • 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 home takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as now current homeowner and correct title insurance is issued as noted in the escrow instructions.

When closing is in it's last step, you'll pay the fees to the escrow agent. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title search
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Accept funds 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 have been met
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow holder stays at an impartial, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title search
  • Meet lender's requirements 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 documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow holder stays at an impartial, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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.

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

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