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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
  • Don't let inexperience with the real estate industry keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at JanetThomas@venicehometownrealty.com to get some free information.

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

     Venice Hometown Realty, LLC can walk you through closing - (941) 306-3059
    Let's talk about "escrow". An escrow company is used to assure your home closes on time and the transaction goes smoothly. A house is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the exchange of money takes place. For example, in an Internet transaction, PayPal is the neutral third party that obtains the buyer's payment, and then disburses the payment to the seller.

    Clearing the final hurdles like taking in funds, completing forms, securing the documents for loans and liens, and making sure you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow company.

    The certificates the escrow company may collect include:

    Closing on the property happens when all of the procedures of the escrow are finished. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets handed over to you and title insurance begins per the policies of your particular escrow process.

    The escrow company receives a payment when the closing is complete. I'll keep you informed on the procedure.

    The Escrow Holder Will:

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

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    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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