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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
  • The process of buying property for the first time can be confusing. I can help. E-mail me at billnicholas@exitrealtylakeland.com .

    Closing the Sale in Lakeland, Florida

     Exit Realty of Lakeland can walk you through closing - (863) 688-2822
    First, a little about "escrow". When you're closing on your new house, an escrow company is used to make certain the transaction will close without problems and in a specific time frame. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

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

    These are the pieces of paperwork that escrow companies usually look for:

    You're ready to close when all parts are complete in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the house and the title insurance gets issued as noted in the escrow instructions.

    When closing is in it's last step, you'll make a payment to the escrow company. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company has to remain an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Meet lender's standards as outlined 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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