Whether it's your first place or your next house, 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.

Closing the Sale in Naples, Florida

 Metro Properties can walk you through closing - 866-300-1550
Let's talk about "escrow". When you're closing on your new home, an escrow company is used to make sure the transaction will close properly and on time. A house is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

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

Escrow holders want to acquire the following pieces of paperwork:

  • 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
  • Loan documents

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

When closing is finished, you'll submit a payment to the escrow company. I'll keep you up-to-date on the procedure.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title inquiry
  • Meet lender's standards as written in the escrow agreement
  • Accept payments 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 are complete
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company stays a neutral, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Perform a title research
  • Comply with the bank's guidelines as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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 monies and finish instructions
  • Advise you - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for rolling expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you have the rules of the escrow process down, you can be a confident buyer.

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