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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 house or your next home, I'll help you through the process. E-mail me at info@rentalsppm.com .

    First-Time Home Buying: How To Close on a House

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    Let's talk about "escrow". To complete the sale of a house, a neutral, third party (the escrow holder) is employed to assure the transaction will close correctly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online auction, PayPal is the secure third party that obtains the buyer's payment, and then hands over the funds to the seller.

    Clearing the final hurdles like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property before your purchase gets finalized are all part of the job of the escrow agent.

    Escrow companies want to obtain the following pieces of paperwork:

    You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title inquiry
    • Comply with the bank's standards as written 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
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Meet lender's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a easy to understand guide about the escrow process. Your specific process will be different based on your lender and your escrow holder.

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