The process of buying property for the first time can be overwhelming. Let me help you. Call me at 561-929-5799 and I'll give help you buy the place you want.

Completing the Transaction

 Silver International Realty, Inc. can walk you through closing - 561-929-5799
First, a little about "escrow". An escrow holder is used to assure your place closes on time and the process goes smoothly. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good way to picture an escrow company.

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

Escrow holders want to acquire the following forms:

  • 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
  • Title insurance policies

You're ready to close when each step of the complete 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 home's title goes to you and title insurance is issued per the policies of your particular escrow process.

When closing is completely finished, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Request title research
  • Meet lender's guidelines as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow company must stay at a fair, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Meet lender's requirements as noted in the escrow agreement
  • Accept 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 instructions of seller and buyer have been finished
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow holder must maintain a neutral, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for on-going 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.

This is a simple outline of the escrow process. Your individual methods could vary depending on your bank and your escrow company.