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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
  • The process of buying property for the first time can be overwhelming. Let me help you. E-mail me at bigsunrealty@cfl.rr.com .

    What To Expect When You're Closing in Ocala, Florida

     ERA Big Sun Realty can walk you through closing - 352-237-4343
    First, a little about "escrow". To finalize the sale of a home, a neutral, third party (the escrow company) is engaged to assure the transaction will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the secure third party that holds the buyer's payment, and then sends the payment to the seller.

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

    Escrow holders compile the following documents:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.

    When closing is finished, you'll make a payment to the escrow agent. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title research
    • Comply with lender's requirements as outlined in the escrow agreement
    • Intake 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 terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Comply with lender's standards as noted in the escrow agreement
    • Receive payments 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 terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Advise you - the escrow holder stays at an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for recurring expenses while there is a loan on the house. 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 informed home buyer and future homeowner.

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