Whether it's your first place or your next house, I'll walk you through the process. Contact me and I'll make sure you're a confident buyer.

I'll Champion for You Through Closing

 Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
Escrow: When you're closing on your new house, an escrow company is used to assure the process will close correctly and in a timely manner. A house is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. For example, in an online transaction, PayPal is the reliable third party that holds the buyer's money, and then disburses the money to the seller.

The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finalized. This includes getting funds and paperwork, 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 place before the negotiated price is fully paid.

The pieces of paperwork the escrow company may obtain include:

  • 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
  • Tax statements

You're ready to close when each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the house and the title insurance gets dispersed as noted 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:

  • Prepare escrow instructions
  • Perform a title research
  • Meet the bank's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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 payments and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title search
  • Meet the bank's standards as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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
  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the 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.

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

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