Whether it's your first place or your next house, I'll help you through the process. Call me at 561-929-5799 and I'll give you more information.

Closing the Sale in Delray Beach

 Silver International Realty, Inc. can walk you through closing - 561-929-5799
Let's talk about "escrow". To finalize the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close correctly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being completed. This includes securing payments and paperwork, signing required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your home before the final price is fully paid.

The documents the escrow company may collect include:

  • 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
  • Loan documents

Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The house's title is given to you and title insurance is issued per the steps of your particular escrow agreement.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title research
  • Meet the bank's standards as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title research
  • Meet the bank's requirements as specified in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest 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 have been finished
  • Disburse funds and finalize instructions
  • Tell you what's best - the escrow agent stays at an impartial, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.

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