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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
  • Purchasing a home for the first time can be confusing. Let me help you. E-mail me at brady.remax@gmail.com .

    Escrow 101

     The McGuire Group can walk you through closing - 941-702-HOME (4663)
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your place closes on time and the process goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

    Clearing the final hurdles like taking in funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The documents the escrow agent may obtain include:

    Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.

    The escrow agent receives a payment when the closing is complete. I'll keep you updated on what comes next.

    The Escrow Holder Will:

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

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title research
    • Meet lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a simple outline of the escrow process. Your specific process may vary based on your bank and your escrow agent.

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