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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
  • Whether it's your first home or your next place, I'll educate you through the process. E-mail me at shericlark05@gmail.com to get some free information.

    Completing the Transaction

     Preferred Real Estate can walk you through closing - (407) 791-3116
    Escrow: An escrow agent is hired to assure your home closes on time and the closing process goes smoothly. 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 Internet auction, PayPal is the reliable third party that holds the buyer's money, and then sends the funds to the seller.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finalized. This includes securing payments and certificates, finishing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your house before the final price is fully paid.

    These are the documents that escrow agents usually look for:

    Closing on the property happens when all of the procedures of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The property's title is given to you and title insurance is issued per the steps of your individual escrow process.

    When closing is finished, you'll pay the fees to the escrow agent. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Meet the bank's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • 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 legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about tax implications

    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 simple outline of the escrow process. Your specific methods might vary depending on your lender and your escrow holder.

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