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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 understand the process. Contact me.

    The Home is Almost Yours

     Preferred Real Estate can walk you through closing - (407) 791-3116
    First, a little about "escrow". When you're closing on your new home, an escrow holder is used to insure the transaction will close correctly and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web auction, PayPal is the neutral third party that holds the buyer's payment, and then sends the funds to the seller.

    Tying up any loose ends like receiving funds, finishing forms, securing the documents for loans and liens, and making sure you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    The certificates the escrow agent may secure include:

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

    The escrow holder receives a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Comply with the bank's requirements as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a easy to understand guide about the escrow process. Your individual process may be slightly different depending on your bank and your escrow agent.

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