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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
  • Purchasing real estate for the first time can be intimidating. I can help. E-mail me at chs@silverhouses.com to get some free information.

    Completing the Transaction

     Silver International Realty, Inc. can walk you through closing - 855-693-3572 X 1
    First, a little about "escrow". To finish the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the transaction will close properly and on time. A house is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. A simple way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    Tying up any loose ends like obtaining funds, completing forms, getting the documents for loans and liens, and assuring you get a spotless title to the property before your purchase gets finalized are all part of the job of the escrow holder.

    These are the legal documents that escrow holders usually look to collect:

    You're ready to close when every step is complete in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title goes to you and title insurance begins per the policies of your individual 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 form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title research
    • Meet lender's requirements as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Comply with lender's standards as written in the escrow agreement
    • Intake funds 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 are met
    • Disburse payments and finish instructions
    • Advise you - 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. 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 at ease with the escrow process, you can be a informed buyer.




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