Closing on Your First home in Naples

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

First-Time Home Buying: Closing

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

Let's talk about "escrow". When you're closing on your new place, an escrow holder is used to make certain the process will close correctly and in a specific time frame. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow company insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes securing funds and certificates, signing required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your home before the asking price is fully paid.

The records the escrow company may secure include:

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 completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

When closing is completed, you'll submit a payment to the escrow agent. I'll keep you informed on the procedure.

The Escrow Holder Will:

Assemble escrow guidelines
Request title inquiry
Meet the bank's requirements as written in the escrow agreement
Receive funds from the buyer
Prorate tax, interest, insurance and other fees according to instructions
Record deeds and other legal documents as instructed
Request title insurance policy
Close escrow when all terms of agreement of seller and buyer are met
Disburse monies and finish instructions

The Escrow Holder Won't:

Give advice - the escrow company must maintain a neutral, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Request title inquiry Meet lender's requirements as specified in the escrow agreement Accept funds from the buyer Prorate insurance, tax, interest and other payments according to guidelines Record deeds and other paperwork as instructed Request title insurance policy Close escrow when all terms of agreement of seller and buyer are complete Disburse monies and finish instructions		Offer advice - the escrow agent must maintain a neutral, third-party status Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the 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 have the rules of the escrow process down, you can be a better buyer.

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