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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
  • Purchasing a home for the first time can be intimidating. Let me help you. Call me at 941-379-2448.

    Completing the Transaction

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    Let's talk about "escrow". When you're closing on your new home, an escrow company is used to ensure the transaction will close without problems and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand what an escrow company does is to compare it to PayPal for online purchases.

    Settling the last details like obtaining funds, signing forms, getting the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the legal documents that escrow companies usually look for:

    Closing on the house takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

    When closing is completed, you'll submit a payment to the escrow company. As your real estate agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Meet the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake payments 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 have been finished
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Offer opinions 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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