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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
  • Don't let inexperience with the real estate industry keep you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

    Completing the Transaction

     RICHARD GRECO REAL ESTATE can walk you through closing - 7185188588
    First, a little about "escrow". When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the process will close correctly and in a certain amount of time. When money is 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 Internet purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes getting payments and records, completing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your home before the purchase price is fully paid.

    These are the records that escrow agents usually look to collect:

    Closing on the home takes place when the steps of the escrow are finished. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.

    When closing is completely finished, you'll submit a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet the bank's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • 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 finalize instructions
    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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