Closing on Your First home in Naples

Whether it's your first place or your next property, I'll help you through the process. Call me at 866-300-1550 and I'll give all the info you'll need to move forward.

Steps to Closing on a Home

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

Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the transaction goes smoothly. A place is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties when the transaction is taking place. For example, in an Internet auction, PayPal is the secure third party that holds the buyer's funds, and then hands over the payment to the seller.

Clearing the final hurdles like receiving funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home before your purchase gets finalized are all part of the job of the escrow holder.

Escrow agents collect the following pieces of paperwork:

Loan documents
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

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

When closing is done, you'll pay the fees to the escrow agent. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Write escrow guidelines
Petition title research
Comply with the bank's guidelines as outlined in the escrow agreement
Receive funds from the buyer
Prorate tax, interest, insurance and other fees according to guidelines
Record deeds and other paperwork as instructed
Request title insurance policy
Close escrow when all instructions of seller and buyer have been finished
Disburse funds and finalize instructions

The Escrow Holder Won't:

Advise you - the escrow holder stays a neutral, third-party status
Dispense opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Petition title inquiry Meet the bank's guidelines as noted in the escrow agreement Receive funds from the buyer Prorate insurance, tax, interest 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 met Disburse payments and finish instructions		Tell you what's best - the escrow holder has to remain an impartial, third-party status Offer opinions 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.

This is a quick run-down of the escrow process. Your individual process could vary based on your lender and your escrow company.

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