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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 property for the first time can be confusing. I can help. Call me at (315) 258-9147.

    Escrow 101

     Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your house closes on time and the transaction goes smoothly. A place is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties when the exchange of money takes place. For example, in a Web purchase, PayPal is the secure third party that holds the buyer's funds, and then hands over the money to the seller.

    Tying up any loose ends like taking in funds, signing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the documents that escrow holders usually compile:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets issued as outlined in the escrow instructions.

    When closing is completely finished, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

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

    The Escrow Holder Won't:

    • Offer advice - the escrow company stays a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Comply with the bank's guidelines as noted in the escrow agreement
    • Intake 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 instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Advise you - the escrow agent stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay on-going fees 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.

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

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