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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
  • The process of buying a house for the first time can be confusing. I can help. Call me at (315) 258-9147.

    What is Escrow?

     Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
    Let's talk about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to assure the transaction will close without problems and in a specific time frame. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finalized.

    Escrow companies want to obtain the following forms:

    You're ready to close when all steps are complete in escrow process. All payments owed and fees are taken 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 is issued per the policies of your individual escrow process.

    When closing is done, you'll make a payment to the escrow holder. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title research
    • Meet the bank's guidelines as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title research
    • Comply with lender's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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 are complete
    • Disburse payments and finalize instructions
    • Advise you - the escrow agent has to remain 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.

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

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