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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 property, I'll educate you through the process. E-mail me at mcouto@mcoutorealtor.com to get some free information.

    I'll Champion for You Through Closing

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    First, a little about "escrow". When you're closing on your new place, an escrow company is used to ensure the transaction will close appropriately and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand what an escrow company does is to think of how you might use PayPal for online purchases.

    Tying up any loose ends like taking in funds, finishing forms, securing the documents for loans and liens, and assuring you get a clean title to the house before your purchase gets finalized are all part of the job of the escrow company.

    These are the legal forms that escrow agents usually look for:

    Upon finishing of all portions of the escrow, closing can take place. All debts and fees are collected 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.

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

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Comply with lender's requirements as written 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 terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title research
    • Meet lender's standards as noted in the escrow agreement
    • Receive funds 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 terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Advise you - the escrow holder 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the basics of the escrow process down, you can be a informed buyer.