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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 property, I'll advise you through the process. E-mail me at agent@alamode.com .

    Closing the Sale in Naples

     Metro Properties can walk you through closing - 800-252-6633
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your house closes on time and the process goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet auction, PayPal is the neutral third party that holds the buyer's payment, and then disburses the funds to the seller.

    Settling the last details like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    Escrow agents compile the following legal documents:

    Closing on the house happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

    The escrow company gets 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 instructions
    • Perform a title inquiry
    • Meet lender's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal 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 Will Not:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Comply with lender's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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