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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
  • The process of buying real estate for the first time can be confusing. I can help. E-mail me at re@aaronsavitch.com .

    What is Escrow?

     D'Addio Realty can walk you through closing - (561) 212-3347
    Let's talk about "escrow". When you're closing on your new home, an escrow company is used to guarantee the transaction will close appropriately and in a timely manner. 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 think of how you might use PayPal for Internet purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being completed.

    Escrow companies want to acquire the following documents:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then obtain the title to the property and the title insurance gets issued as noted in the escrow instructions.

    When closing is completely finished, you'll pay the fees to the escrow agent. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title research
    • Comply with lender's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions
    • Give advice - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling expenses while there is a loan on the 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.

    Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.