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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
  • Don't let the unknown keep you from becoming a homeowner. I can help you understand the process. E-mail me at mcouto@mcoutorealtor.com .

    Buying Your Next Property: Closing

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your property closes on time and the transaction goes smoothly. A house is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's cash, and then sends the money to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finalized.

    The pieces of paperwork the escrow company may collect include:

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

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax 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

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title research
    • Meet lender's requirements as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a quick run-down of the escrow process. Your individual process may vary depending on your bank and your escrow holder.