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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 house or your next place, I'll advise you through the process. Call me at 561-688-1316.

    Completing the Transaction

     J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
    Let's talk about "escrow". When you're closing on your new house, an escrow holder is used to assure the transaction will close without problems 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. An everyday way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.

    The pieces of paperwork the escrow holder may collect include:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The property's title is given to you and title insurance begins per the steps of your individual escrow process.

    The escrow holder gets a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet the bank's requirements as written in the escrow agreement
    • Receive payments 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 instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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