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Closing the Sale in Auburn, New York

 Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
Let's talk about "escrow". An escrow holder is hired to assure your home closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet purchase, PayPal is the secure third party that holds the buyer's money, and then sends the payment to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finalized.

These are the legal documents that escrow holders usually compile:

  • Loan documents
  • 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

You're ready to close when all parts are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title search
  • Meet the bank's requirements 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 have been finished
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title search
  • Meet lender's guidelines as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions
  • Tell you what's best - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay on-going expenses while there is a loan on the 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.

This is a quick run-down of the escrow process. Your specific plan may be slightly different based on your bank and your escrow agent.

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