(407) 791-3116 (407) 791-3116 Saint Cloud, Florida, Saint Cloud, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Saint Cloud, buying a house in Saint Cloud, buying a house in Florida, real estate agent in Saint Cloud, real estate agent in Saint Cloud, real estate agent in Florida, finding a real estate agent in Saint Cloud, finding a real estate agent in Saint Cloud, finding a real estate agent in Florida, buying houses, buying homes, selling homes, selling houses, Preferred Real Estate, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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
  • Buying a home for the first time can be confusing. Let me help you. 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
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your home closes on time and the closing process goes smoothly. A house is said to be in escrow when in the closing process, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. A simple way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being completed. This includes securing funds and records, finishing required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your house before the purchase price is fully paid.

    These are the pieces of paperwork that escrow agents usually compile:

    Closing on the property takes place when the steps of the escrow are finished. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets issued as stated in the escrow instructions.

    The escrow holder 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
    • Perform a title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • 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

    The Escrow Holder Won't:

    • Give advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title inquiry
    • Meet the bank's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other 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
    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Give insight 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you have the ABCs of the escrow process down, you can be a better buyer.

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

    Your Information
    Some Details