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The House is Almost Yours

 The Greater Florida Realty Team at Coral Shores Realty can walk you through closing - 954-661-2840
Let's talk about "escrow". When you're closing on your new home, an escrow company is used to make certain the process will close correctly and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online auction, PayPal is the reliable third party that holds the buyer's money, and then sends the payment to the seller.

Clearing the final hurdles like taking in funds, signing forms, getting the documents for loans and liens, and making sure you get a spotless title to the house in preparation of your purchase gets finalized are all part of the job of the escrow company.

These are the legal forms that escrow companies usually look to collect:

  • 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 house happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title is given to you and title insurance is issued per the policies of your individual escrow process.

When closing is done, you'll submit a payment to the escrow company. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title research
  • Comply with the bank's standards as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title research
  • Comply with lender's guidelines as written in the escrow agreement
  • Intake funds 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 terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Offer advice - the escrow company must maintain a neutral, third-party status
  • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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