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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
  • The process of buying property for the first time can be confusing. Let me help you. E-mail me at mandy@rentalsppm.com to get some free information.

    Completing the Transaction

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the process goes smoothly. A home is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties when the exchange of money takes place. For example, in an online purchase, PayPal is the reliable third party that holds the buyer's cash, and then hands over the funds to the seller.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being completed. This includes securing monies and records, filling out required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your house before the agreed upon price is fully paid.

    Escrow holders want to obtain the following legal documents:

    Closing on the home takes place when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as now current homeowner and appropriate 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. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title search
    • Comply with lender's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with 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 legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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