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Buying Your Next Property: Closing

 D'Addio Realty can walk you through closing - (561) 212-3347
First, a little about "escrow". To finalize the sale of a house, a neutral, third party (the escrow agent) is engaged to assure the transaction will close properly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

Clearing the final hurdles like receiving funds, finishing forms, getting the documents for loans and liens, and assuring you get a spotless title to the property prior to your purchase gets finalized are all part of the job of the escrow company.

The certificates the escrow company may obtain include:

  • 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
  • Loan documents
  • Tax statements

You're ready to close when each step of the finished in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title is given to you and title insurance is issued per the policies of your particular escrow agreement.

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

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title inquiry
  • Meet the bank's standards as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow company stays a neutral, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title inquiry
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Accept 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 terms of agreement of seller and buyer have been finished
  • Disburse monies and finish instructions
  • Give advice - the escrow company stays a neutral, third-party status
  • Give insight 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. 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 how to close on your future home. And, you can be a more confident home buyer and future homeowner.