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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
  • Whether it's your first home or your next house, I'll help you through the process. Call me at (315) 258-9147.

    Escrow 101

     Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
    Escrow: To finish the sale of a place, a neutral, third party (the escrow company) is engaged to assure the transaction will close correctly and on time. A house is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

    Clearing the final hurdles like taking in funds, finishing forms, getting the documents for loans and liens, and making sure you get a clean title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow companies compile the following documents:

    You're ready to close when all steps are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The home's title gets handed over to you and title insurance is issued per the policies of your particular escrow process.

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

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title research
    • Comply with the bank's standards as specified 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 instructions of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 complete
    • Disburse monies and finalize instructions
    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Offer opinions 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Once you're familiar with the escrow process, you can be a more assured buyer.

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