941-379-2448 941-379-2448 Sarasota, Florida, Sarasota, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Sarasota, buying a house in Sarasota, buying a house in Florida, real estate agent in Sarasota, real estate agent in Sarasota, real estate agent in Florida, finding a real estate agent in Sarasota, finding a real estate agent in Sarasota, finding a real estate agent in Florida, buying houses, buying homes, selling homes, selling houses, Mapp Realty & Investment Company, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 place, I'll walk you through the process. E-mail me at info@rentalsppm.com .

    Completing the Transaction

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    Let's talk about "escrow". To finish the sale of a house, a neutral, third party (the escrow company) is employed to assure the transaction will close correctly and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finalized.

    The pieces of paperwork the escrow company may collect include:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The home's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.

    When closing is completely finished, you'll make a payment to the escrow agent. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Meet lender's standards as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines 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 monies and finalize instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

    Your Information
    Some Details