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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 place or your next house, I'll advise you through the process. Call me at (561) 212-3347.

    What To Expect When You're Closing in Delray Beach, Florida

     D'Addio Realty can walk you through closing - (561) 212-3347
    Escrow: To finalize the sale of a home, a neutral, third party (the escrow company) is engaged to assure the process will close perfectly and on time. A house is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties when the transaction is taking place. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes receiving funds and paperwork, filling out required forms, and seeking out the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your home before the final price is fully paid.

    Escrow holders want to obtain the following documents:

    Upon finishing of all portions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance is issued per the steps of your individual escrow process.

    The escrow holder gets a payment at the completion of closing. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax 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 have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Meet the bank's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions
    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you're familiar with the escrow process, you can be a informed buyer.