Closing on Your First home in Naples

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

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Let's talk about "escrow". When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to guarantee the transaction will close correctly and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being completed.

These are the documents that escrow holders usually look to collect:

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
Fire and other insurance policies

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

When closing is in it's last step, you'll submit a payment to the escrow agent. I'll keep you updated on what comes next.

The Escrow Holder Will:

Write escrow guidelines
Perform a title search
Meet the bank's guidelines as specified in the escrow agreement
Intake payments from the buyer
Prorate insurance, tax, interest 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 funds and finalize instructions

The Escrow Holder Won't:

Offer advice - the escrow company must stay at a fair, third-party status
Dispense opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Petition title inquiry Meet lender's requirements as specified in the escrow agreement Receive payments from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other legal documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are met Disburse funds and finish instructions		Advise you - the escrow agent must stay at a fair, third-party status Give insight about future tax estimations

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.

This is a simple outline of the escrow process. Your specific process may be different based on your lender and your escrow company.

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