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What To Expect When You're Closing in Delray Beach, Florida

 Silver International Realty, Inc. can walk you through closing - 561-929-5799
First, a little about "escrow". When you're closing on your new place, an escrow company is used to guarantee the transaction will close correctly and in a specific time frame. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online auction, PayPal is the secure third party that obtains the buyer's funds, and then hands over the payment to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finished.

These are the pieces of paperwork that escrow holders usually look to collect:

  • 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
  • Fire and other insurance policies

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. The house's title goes to you and title insurance begins per the steps of your particular escrow process.

The escrow company receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title research
  • 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 legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Comply with the bank's requirements as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse funds and finalize instructions
  • Give advice - the escrow agent stays at an impartial, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay recurring expenses 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.

Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.