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Whether it's your first place or your next house, I'll educate you through the process. Contact me and I'll make sure you're a well-informed buyer.

I'll Champion for You Through Closing

 D'Addio Realty can walk you through closing - (561) 212-3347
Let's talk about "escrow". When you're closing on your new place, an escrow agent is used to insure the process will close correctly and in a specific time frame. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to think of the use of PayPal for online purchases.

Settling the last details like receiving funds, completing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow holder.

The documents the escrow agent may obtain include:

  • Loan documents
  • 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

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as noted in the escrow instructions.

When closing is done, you'll make a payment to the escrow holder. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Request title search
  • Comply with the bank's requirements as specified in the escrow agreement
  • Accept 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 instructions of seller and buyer are met
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow company must stay at a fair, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title inquiry
  • Comply with the bank's standards as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Give advice - the escrow company must maintain a neutral, 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. 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.

Once you have the ABCs of the escrow process down, you can be a informed buyer.