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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 scare you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

    The Home is Almost Yours

     Realty Executives of Cape County can walk you through closing - (573) 335-8111
    Escrow: To finalize the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the process will close appropriately and on time. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties when the transaction is taking place. An everyday way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes receiving payments and records, signing required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your place before the negotiated price is fully paid.

    The pieces of paperwork the escrow holder may collect include:

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

    When closing is finished, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

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

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title inquiry
    • 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

    This is a quick run-down of the escrow process. Your individual plan will be slightly different based on your bank and your escrow agent.

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