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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 work your way through the process. Contact me.

    Closing the Sale in Troy

     Big Bear Real Estate can walk you through closing - 802-744-6844
    First, a little about "escrow". When you're closing on your new property, an escrow agent is used to guarantee the process will close properly and on time. A place is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being completed. This includes receiving monies and documents, signing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your place before the negotiated price is fully paid.

    The certificates the escrow agent may collect include:

    Closing on the property takes place when the steps of the escrow are finished. 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 gets handed over to you and title insurance is issued per the steps of your particular escrow process.

    At the close of escrow, 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
    • Perform a title research
    • Comply with the bank's requirements as outlined 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
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Meet lender's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Give advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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