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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
  • Buying a home for the first time can be intimidating. Let me help you. Call me at 561-688-1316.

    Closing the Sale in West Palm Beach

     J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
    First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the process will close appropriately and in a specific time frame. A place is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. For example, in an online transaction, PayPal is the reliable third party that obtains the buyer's funds, and then disburses the money to the seller.

    The escrow company insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being completed. This includes receiving monies and certificates, filling out required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

    Escrow holders compile the following documents:

    You're ready to close when all parts are complete in escrow process. 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 noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Meet the bank's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain 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 agent must stay at a fair, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Meet lender's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions
    • Tell you what's best - 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. 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.

    Once you're comfortable with the escrow process, you can be a informed buyer.

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