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  • 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
  • Whether it's your first place or your next place, I'll educate you through the process. Contact me and I'll make sure you're a well-informed buyer.

    First-Time Home Buying: Closing

     J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
    First, a little about "escrow". To complete the sale of a house, a neutral, third party (the escrow holder) is employed to assure the transaction will close correctly and on time. 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.

    Clearing the final hurdles like receiving funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the records that escrow holders usually look for:

    Closing on the property takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title search
    • Meet lender's standards as specified 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent 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:
    • Write escrow instructions
    • Petition title inquiry
    • Meet the bank's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments 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 have been finished
    • Disburse monies and finalize instructions
    • Give advice - the escrow holder stays at an impartial, third-party status
    • Give insight about future tax estimations

    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.

    Once you're at ease with the escrow process, you can be a more assured buyer.

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