Whether it's your first home or your next place, I'll educate you through the process. E-mail me at carlisamsmith@gmail.com .

Steps to Closing on a Property

 J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
Escrow: When you're closing on your new property, an escrow holder is used to guarantee the process will close correctly and in a certain amount of time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

Settling the last details like taking in funds, completing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

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 finishing 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 paid out. You'll then secure the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

The escrow holder gets a payment at the completion of closing. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title search
  • Meet lender's standards as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax 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 payments and finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title inquiry
  • Meet lender's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments and finalize instructions
  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay rolling fees while there is a loan on the 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.

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

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