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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
  • Buying property for the first time can be intimidating. Let me help you. Contact me and I'll help you become a empowered buyer.

    Steps to Closing on a House

     Venice Hometown Realty, LLC can walk you through closing - (941) 306-3059
    Escrow: When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the process will close appropriately and in a timely manner. A property is said to be in escrow when in the closing process, payment is secured by a third party on behalf of two parties when the transaction is taking place. A simple way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Clearing the final hurdles like obtaining funds, completing forms, getting the documents for loans and liens, and making sure you get a spotless title to the property prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow holders compile the following legal documents:

    You're ready to close when each step of the done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as buyer and appropriate title insurance is issued as outlined in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow agent. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title research
    • Comply with lender's guidelines as noted in the escrow agreement
    • Receive funds 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 finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title inquiry
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • 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
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Give insight 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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