Closing on Your First home in Naples

Whether it's your first home or your next home, I'll educate you through the process. Call me at 866-300-1550.

First-Time Home Buying: How To Close on a Home

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

First, a little about "escrow". When you're closing on your new home, an escrow company is used to make certain the transaction will close without problems and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

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

These are the documents that escrow holders usually look for:

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
Fire and other insurance policies
Title insurance policies

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as now current homeowner and appropriate title insurance is 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. As your real estate agent, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

Write escrow guidelines
Perform a title inquiry
Comply with lender's standards as outlined in the escrow agreement
Accept payments from the buyer
Prorate interest, insurance, tax and other payments according to instructions
Record deeds and other paperwork as instructed
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer are complete
Disburse funds and finish instructions

The Escrow Holder Will Not:

Tell you what's best - the escrow agent must maintain a neutral, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Petition title inquiry Comply with lender's requirements as noted in the escrow agreement Accept payments from the buyer Prorate insurance, tax, interest 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 finish instructions		Advise you - the escrow holder has to remain an impartial, third-party status Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

Once you're comfortable with the escrow process, you can be a informed buyer.

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