Don't let the unknown keep you from becoming a homeowner. I can help you understand the process. E-mail me at carlisamsmith@gmail.com .

Closing the Sale in West Palm Beach

 J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
Let's talk about "escrow". To finish the sale of a house, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close correctly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

Clearing the final hurdles like receiving funds, completing forms, getting the documents for loans and liens, and making sure you get a clean title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.

Escrow agents look for the following legal documents:

  • 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

Closing on the home takes place when all of the procedures of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The house's title gets handed over to you and title insurance begins per the steps of your individual escrow agreement.

When closing is completely finished, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title search
  • Meet lender's requirements as outlined 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
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company must stay at a fair, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Request title inquiry
  • Comply with lender's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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 finish instructions
  • Advise you - the escrow holder must stay at a fair, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you have the ABCs of the escrow process down, you can be a more assured buyer.

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