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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 understand the process. Call me at 941-379-2448.

    Escrow 101

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    Let's talk about "escrow". An escrow agent is used to assure your property closes on time and the process goes smoothly. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's money, and then hands over the money to the seller.

    Settling the last details like taking in funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow agents want to obtain the following legal documents:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The house's title is given to you and title insurance is issued per the steps of your individual escrow process.

    When closing is done, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Comply with the bank's requirements as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • 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 payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for on-going 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.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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