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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 property or your next property, I'll help you through the process. E-mail me at mandy@rentalsppm.com to get some free information.

    Buying Your Next Home: Closing

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    Escrow: An escrow holder is brought on to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's funds, and then hands over the funds to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being completed. This includes receiving payments and certificates, finishing required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clear title to your property before the final price is fully paid.

    Escrow companies compile the following records:

    You're ready to close when every step is finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as now current homeowner and correct title insurance is issued as outlined in the escrow policy.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments 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 finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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