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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 scare you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at 941-729-8523 and I'll give all the info you'll need to move forward.

    What is Escrow?

     Poe & Associates Realty LLC can walk you through closing - 941-729-8523
    Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's payment, and then hands over the payment to the seller.

    Tying up any loose ends like receiving funds, finishing forms, getting the documents for loans and liens, and assuring you get a clear title to the house prior to your purchase gets finalized are all part of the job of the escrow agent.

    Escrow holders want to obtain the following forms:

    Closing on the home takes place when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as now current homeowner and related title insurance is issued as noted in the escrow instructions.

    The escrow company gets a payment when the closing is complete. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title inquiry
    • Meet the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company 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
    • Request title inquiry
    • Comply with lender's guidelines as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest 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 have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Give insight about the outcome of your taxes

    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 confident buyer.

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