Closing on Your First home in Naples

Buying a home for the first time can be intimidating. I can help. E-mail me at Info@PipelineROI.com to get some free information.

What To Expect When You're Closing in Naples, Florida

Metro Properties can walk you through closing - 866-300-1550

Let's talk about "escrow". To finalize the sale of a home, a neutral, third party (the escrow holder) is employed to assure the transaction will close appropriately and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's cash, and then hands over the money to the seller.

Tying up any loose ends like receiving funds, finishing forms, getting the documents for loans and liens, and assuring you get a clear title to the home before your purchase gets finalized are all part of the job of the escrow company.

Escrow companies want to obtain the following pieces of paperwork:

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
Loan documents
Tax statements

You're ready to close when all steps are complete in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets transferred to you and title insurance is issued per the policies of your particular escrow agreement.

At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

Prepare escrow guidelines
Petition title research
Meet the bank's standards as outlined in the escrow agreement
Receive payments from the buyer
Prorate tax, interest, insurance and other fees according to instructions
Record deeds and other paperwork as instructed
Obtain title insurance policy
Close escrow when all instructions of seller and buyer are met
Disburse payments and finish instructions

The Escrow Holder Won't:

Offer advice - the escrow holder must maintain a neutral, third-party status
Offer opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title research Comply with the bank's guidelines as outlined in the escrow agreement Intake funds from the buyer Prorate tax, interest, insurance and other fees according to instructions Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are met Disburse funds and finalize instructions		Give advice - the escrow agent has to remain an impartial, third-party status Give insight about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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