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What To Expect When You're Closing in Plantation

 The Greater Florida Realty Team at Coral Shores Realty can walk you through closing - 954-661-2840
First, a little about "escrow". To complete the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close correctly and on time. A home is said to be in escrow when in the closing process, money 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 way to picture an escrow company.

The escrow company insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes receiving payments and certificates, filling out required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your home before the agreed upon price is fully paid.

Escrow companies want to acquire the following pieces of paperwork:

  • 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. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets handed over to you and title insurance begins per the policies of your particular escrow process.

The escrow agent receives a payment at the completion of closing. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title inquiry
  • Comply with lender's requirements as outlined in the escrow agreement
  • Intake 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

The Escrow Holder Will Not:

  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title search
  • Comply with the bank's requirements as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest 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 are met
  • Disburse funds and finish instructions
  • Advise you - the escrow agent must maintain a neutral, third-party status
  • Offer 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.

Once you're at ease with the escrow process, you can be a confident buyer.

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