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  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Purchasing a house for the first time can be overwhelming. Let me help you. E-mail me at lakcountry@aol.com to get some free information.

    Buying Your Next House: Closing

     Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
    Escrow: To close the sale of a home, a neutral, third party (the escrow company) is engaged to assure the transaction will close appropriately and on time. A property is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties when the transaction is taking place. For example, in a Web auction, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the money to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finished.

    Escrow companies collect the following forms:

    Upon finishing of all portions 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 receive the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title research
    • Meet lender's guidelines as specified 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a quick run-down of the escrow process. Your specific process may vary based on your lender and your escrow company.

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