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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 place or your next house, I'll advise you through the process. Call me at (941) 306-3059.

    I'll Champion for You Through Closing

     Venice Hometown Realty, LLC can walk you through closing - (941) 306-3059
    Let's talk about "escrow". When you're closing on your new place, an escrow agent is used to assure the transaction will close correctly and on time. A house is said to be in escrow when in the closing transaction, money is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good example of an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being completed.

    These are the legal forms that escrow companies usually compile:

    Closing on the property happens when all of the procedures of the escrow are complete. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to you and title insurance is issued per the steps of your particular escrow agreement.

    The escrow holder receives a payment when the closing is complete. As your real estate agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal 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 Will Not:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title research
    • Meet lender's standards as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • 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 funds and finalize instructions
    • Give advice - the escrow agent stays at an impartial, third-party status
    • Give insight 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you're comfortable with the escrow process, you can be a confident buyer.

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