(201) 997-7860 x16 (201) 997-7860 x16 Kearny, New Jersey, Kearny, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Kearny, buying a house in Kearny, buying a house in New Jersey, real estate agent in Kearny, real estate agent in Kearny, real estate agent in New Jersey, finding a real estate agent in Kearny, finding a real estate agent in Kearny, finding a real estate agent in New Jersey, buying houses, buying homes, selling homes, selling houses, Rosa Agency, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 walk you through the process. E-mail me at mcouto@mcoutorealtor.com .

    What To Expect When You're Closing in Kearny, New Jersey

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    First, a little about "escrow". To finish the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the process will close correctly and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet purchase, PayPal is the neutral third party that obtains the buyer's cash, and then hands over the payment to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finished.

    The certificates the escrow agent may obtain include:

    Closing on the house happens when all of the procedures of the escrow are complete. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance is issued per the steps of your particular escrow agreement.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet the bank'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 terms of agreement of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • 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
    • Request title search
    • Meet lender's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions
    • Advise you - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay 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 be slightly different depending on your bank and your escrow agent.