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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
Buying real estate for the first time can be overwhelming. I can help. E-mail me at
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What To Expect When You're Closing in Naples
Let's talk about "escrow". When you're closing on your new house, an escrow agent is used to assure the process will close without problems and in a specific time frame. A property is said to be in escrow when in the closing process, money is held by a third party on behalf of two parties when the exchange of money takes place. PayPal is a good example of an escrow company.
Tying up any loose ends like taking in funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow agent.
The certificates the escrow company may collect include:
Upon completion of all instructions of the escrow, closing can take place. 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 house and the title insurance gets issued as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.
The Escrow Holder Will:
- Assemble escrow instructions
- Request title search
- Comply with the bank's guidelines as noted in the escrow agreement
- Intake payments from the buyer
- Prorate interest, insurance, tax and other payments according to instructions
- Record deeds and other legal documents as instructed
- Obtain title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been met
- Disburse monies and finish instructions
The Escrow Holder Will Not:
- Advise you - the escrow holder has to remain an impartial, third-party status
- Give insight about future tax estimations
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Prepare escrow guidelines
- Request title research
- Meet lender's guidelines as outlined in the escrow agreement
- Intake funds from the buyer
- Prorate interest, insurance, tax and other payments according to guidelines
- Record deeds and other paperwork as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse payments and finish instructions
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- Advise you - the escrow company must maintain a neutral, third-party status
- Offer opinions about future tax estimations
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a easy to understand guide about the escrow process. Your specific plan might be different depending on your lender and your escrow agent.