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Closing the Sale in Sunrise
Let's talk about "escrow". An escrow company is used to assure your home closes on time and the process goes smoothly.
A house is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place.
PayPal is a good example of an escrow company.
The escrow agent makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes getting monies and paperwork, signing required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your house before the negotiated price is fully paid.
These are the records that escrow agents usually compile:
- 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 completion of all instructions of the escrow, closing can take place.
All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions).
The house's title goes to you and title insurance begins per the policies of your particular escrow process.
When closing is finished, you'll submit a payment to the escrow holder.
I'll keep you updated on the next steps.
The Escrow Holder Will:
The Escrow Holder Won't:
- Prepare escrow instructions
- Petition title inquiry
- Comply with lender's standards as noted in the escrow agreement
- Receive payments from the buyer
- Prorate interest, insurance, tax and other payments according to instructions
- Record deeds and other documents as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer have been finished
- Disburse funds and finalize instructions
- Advise you - the escrow agent stays at an impartial, third-party status
- Dispense opinions about future tax estimations
Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.
Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.