Whether it's your first house or your next property, I'll walk you through the process. E-mail me at shericlark05@gmail.com .

What To Expect When You're Closing in Saint Cloud

 Preferred Real Estate can walk you through closing - (407) 791-3116
First, a little about "escrow". An escrow company is brought on to assure your home closes on time and the closing process goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet auction, PayPal is the reliable third party that holds the buyer's money, and then disburses the money to the seller.

Tying up any loose ends like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.

These are the records that escrow companies usually look to collect:

  • 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
  • Loan documents
  • Tax statements

You're ready to close when all steps are done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

The escrow holder gets 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 instructions
  • Petition 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 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 funds and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow company must maintain a neutral, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Meet the bank's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 met
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow agent stays at an impartial, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your specific process could be unique depending on your bank and your escrow company.

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