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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 work your way through the process. E-mail me at lakcountry@aol.com to get some free information.

    First-Time Home Buying: Closing

     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 used to assure your place closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finalized. This includes getting funds and documents, signing required forms, and getting the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your house before the purchase price is fully paid.

    Escrow companies want to acquire the following legal documents:

    You're ready to close when all parts are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then get the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title search
    • Meet lender's guidelines as specified 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 funds and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title search
    • Comply with lender's guidelines as written 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 terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

    Once you have the basics of the escrow process down, you can be a better buyer.

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