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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
  • Don't let real estate industry jargon keep you from becoming a homeowner. I can help you understand the process. Contact me and I'll help you become a well-informed buyer.

    Steps to Closing on a House

     Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
    First, a little about "escrow". An escrow company is hired to assure your property closes on time and the transaction goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's cash, and then sends the funds to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are met prior to the sale being finished.

    The pieces of paperwork the escrow company may collect include:

    Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

    At the close of escrow, 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 instructions
    • Perform a title search
    • Meet lender's standards as outlined in the escrow agreement
    • Accept funds 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 instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Meet lender's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions
    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

    Looking to Buy?

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