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

 Metro Properties can walk you through closing - 866-300-1550
First, a little about "escrow". To finalize the sale of a home, a neutral, third party (the escrow company) is employed to assure the process will close perfectly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

Tying up any loose ends like obtaining funds, signing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the house before your purchase gets finalized are all part of the job of the escrow company.

Escrow holders want to acquire the following legal documents:

  • 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

Closing on the house takes place when all of the procedures of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The house's title gets transferred to you and title insurance is issued per the steps of your particular escrow agreement.

The escrow company receives a payment at the completion of closing. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title inquiry
  • Comply with lender's requirements as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder must stay at a fair, 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 inquiry
  • Comply with the bank's guidelines as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

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.

Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.

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