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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
  • Buying a house for the first time can be overwhelming. I can help. Contact me.

    First-Time Home Buying: Closing

     Realty Executives of Cape County can walk you through closing - (573) 335-8111
    First, a little about "escrow". To close the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the reliable third party that holds the buyer's payment, and then sends the funds to the seller.

    Settling the last details like receiving funds, completing forms, getting the documents for loans and liens, and assuring you get a clean title to the house prior to your purchase gets finalized are all part of the job of the escrow agent.

    The pieces of paperwork the escrow holder may obtain include:

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept 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 instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow company stays a neutral, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay recurring fees 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.

    Once you have the basics of the escrow process down, you can be a informed buyer.

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