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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 prevent you from becoming a homeowner. I can help you work your way through the process. Call me at (407) 791-3116.

    Escrow 101

     Preferred Real Estate can walk you through closing - (407) 791-3116
    Escrow: When you're closing on your new home, an escrow company is used to insure the process will close properly and in a timely manner. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes receiving payments and documents, finishing required forms, and seeking out the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your home before the negotiated price is fully paid.

    Escrow holders look for the following forms:

    Upon finishing of all instructions 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). Title to the property is then given to you as buyer and related title insurance is issued as noted in the escrow instructions.

    The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Meet the bank's guidelines 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 are complete
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 finalize instructions
    • Give advice - the escrow company must maintain a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 individual plan might be different depending on your lender and your escrow holder.

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