Closing on Your First home in Naples

Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at 866-300-1550 and I'll give help you purchase the home you want.

Completing the Transaction

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

Escrow: When you're closing on your new place, an escrow company is used to assure the process will close correctly and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

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

The records the escrow agent may obtain include:

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 payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

Prepare escrow guidelines
Petition title search
Meet the bank's guidelines as noted in the escrow agreement
Intake funds from the buyer
Prorate insurance, tax, interest and other payments 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 complete
Disburse monies and finish instructions

The Escrow Holder Won't:

Advise you - the escrow company must maintain a neutral, third-party status
Dispense opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow guidelines Request title inquiry Comply with lender's guidelines as outlined in the escrow agreement Intake funds 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 terms of agreement of seller and buyer are met Disburse funds and finish instructions		Offer advice - the escrow agent has to remain an impartial, 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 being in escrow. And, you can be a more informed home buyer and future homeowner.

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