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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 real estate industry jargon prevent you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at terripenrod@realtyexecutives.com to get some free information.

    Completing the Transaction

     Realty Executives of Cape County can walk you through closing - (573) 335-8111
    First, a little about "escrow". An escrow agent is used to assure your house closes on time and the process goes smoothly. A home is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in an Internet purchase, PayPal is the reliable third party that obtains the buyer's money, and then sends the money to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being finalized.

    Escrow agents compile the following documents:

    You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the home and the title insurance gets issued as noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title inquiry
    • Comply with lender's requirements 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 documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title inquiry
    • Comply with lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a simple outline of the escrow process. Your particular methods might be unique depending on your bank and your escrow holder.

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