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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 place or your next house, I'll advise you through the process. Contact me.

    What is Escrow?

     Preferred Real Estate can walk you through closing - (407) 791-3116
    Escrow: To close the sale of a place, a neutral, third party (the escrow company) is engaged to assure the process will close perfectly and on time. Escrow companies 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 obtains the buyer's cash, and then hands over the money to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.

    Escrow holders want to obtain the following records:

    You're ready to close when every step is finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

    When closing is completed, you'll pay the fees to the escrow company. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with lender'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 documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Meet the bank's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Offer advice - the escrow holder 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a quick run-down of the escrow process. Your specific process might vary based on your bank and your escrow company.

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