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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 the unknown prevent you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at bigsunrealty@cfl.rr.com to get some free information.

    Closing the Sale in Ocala, Florida

     ERA Big Sun Realty can walk you through closing - 352-237-4343
    Let's talk about "escrow". When you're closing on your new house, an escrow agent is used to make sure the process will close appropriately and in a certain amount of 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 obtains the buyer's money, and then hands over the money to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being completed.

    These are the legal documents that escrow holders usually compile:

    Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance is issued per the policies of your individual escrow process.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title search
    • Meet the bank's requirements as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you're at ease with the escrow process, you can be a more assured buyer.

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