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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 place, I'll advise you through the process. Contact me and I'll help you become a smart buyer.

    Completing the Transaction

     Venice Hometown Realty, LLC can walk you through closing - (941) 306-3059
    Let's talk about "escrow". An escrow agent is hired to assure your place closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

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

    The pieces of paperwork the escrow agent may collect include:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title goes to you and title insurance is issued per the steps of your particular escrow agreement.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Meet the bank's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 are met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Dispense 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.

    This is a quick run-down of the escrow process. Your specific plan may be slightly different based on your bank and your escrow company.

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