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Completing the Transaction

 D'Addio Realty can walk you through closing - (561) 212-3347
First, a little about "escrow". To close the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close correctly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the reliable third party that obtains the buyer's cash, and then disburses the payment to the seller.

The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes receiving payments and documents, finishing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your house before the purchase price is fully paid.

The records the escrow agent may obtain include:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

Closing on the home happens when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title is given to you and title insurance begins per the steps of your individual escrow process.

At the close of escrow, in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title research
  • Meet lender's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest 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 agent stays at an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title search
  • Comply with the bank's guidelines as written in the escrow agreement
  • Intake 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 instructions of seller and buyer have been finished
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Dispense opinions about tax implications

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 being in escrow. And, you can be a smarter home buyer and future homeowner.