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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
  • Whether it's your first property or your next house, I'll help you through the process. Contact me and I'll make sure you're a smart buyer.

    First-Time Home Buying: How To Close on a Home

     Silver International Realty, Inc. can walk you through closing - 855-693-3572 X 1
    Escrow: To finish the sale of a place, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the reliable third party that holds the buyer's cash, and then disburses the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being completed.

    These are the documents that escrow companies usually look for:

    You're ready to close when all parts are done in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the steps of your particular escrow agreement.

    The escrow company receives a payment at the completion of closing. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title research
    • Meet lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest 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 complete
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title inquiry
    • Meet the bank's standards as specified in the escrow agreement
    • Receive 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 terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. 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're comfortable with the escrow process, you can be a more assured buyer.