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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 scare you from becoming a homeowner. I can help you understand the process. Contact me and I'll help you become a empowered buyer.

    First-Time Home Buying: How To Close on a House

     ERA Big Sun Realty can walk you through closing - 352-237-4343
    Let's talk about "escrow". To complete the sale of a property, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close properly and on time. A place is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. A simple way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being finished.

    These are the legal documents that escrow agents usually look to collect:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow policy.

    When closing is done, you'll pay the fees to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title search
    • Meet the bank's standards as written 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 are complete
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent stays a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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