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Completing the Transaction

 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 insure the transaction will close correctly and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being completed.

The documents the escrow company may collect include:

  • 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
  • Loan documents

Closing on the property takes place when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The property's title gets handed over to you and title insurance begins per the policies of your individual escrow process.

When closing is in it's last step, you'll make a payment to the escrow holder. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title research
  • Comply with the bank's guidelines as outlined in the escrow agreement
  • Intake 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 instructions of seller and buyer have been met
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Advise you - 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 instructions
  • Request title search
  • Comply with lender's requirements as written 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 have been finished
  • Disburse monies and finish instructions
  • Give advice - the escrow holder must maintain a neutral, third-party status
  • Offer 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.

Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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