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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 real estate industry jargon keep you from becoming a homeowner. I can help you work your way through the process. Contact me.

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

     ERA Big Sun Realty can walk you through closing - 352-237-4343
    Let's talk about "escrow". To complete the sale of a place, a neutral, third party (the escrow agent) is employed 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 a Web transaction, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the funds to the seller.

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

    Escrow companies want to obtain the following documents:

    Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title inquiry
    • Meet lender's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title inquiry
    • Comply with lender's standards as specified 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
    • Obtain 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 agent 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the ABCs of the escrow process down, you can be a better buyer.

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