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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 home or your next home, I'll educate you through the process. Contact me and I'll make sure you're a empowered buyer.

    What To Expect When You're Closing in Venice

     Venice Hometown Realty, LLC can walk you through closing - (941) 306-3059
    Escrow: To complete the sale of a property, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes getting 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 free title to your house before the final price is fully paid.

    Escrow holders want to obtain the following pieces of paperwork:

    Closing on the home happens when the steps of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the property and the title insurance gets issued as stated in the escrow instructions.

    When closing is done, you'll submit a payment to the escrow agent. As your real estate professional, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Comply with lender's guidelines as noted 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
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow holder stays a neutral, 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.

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

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