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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
  • Purchasing a home for the first time can be intimidating. Let me help you. Contact me and I'll help you become a well-informed buyer.

    Buying Your Next Property: Closing

     ERA Big Sun Realty can walk you through closing - 352-237-4343
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your home closes on time and the process goes smoothly. A property is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being completed. This includes receiving payments and documents, filling out required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

    The records the escrow agent may collect include:

    You're ready to close when every step is finished in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

    The escrow company receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title search
    • Comply with lender's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title search
    • Comply with lender's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay rolling expenses while there is a loan on the 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 informed buyer.

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