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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 real estate for the first time can be intimidating. Let me help you. E-mail me at info@rentalsppm.com .

    Completing the Transaction

     Mapp Realty & Investment Company can walk you through closing - 941-379-2448
    First, a little about "escrow". When you're closing on your new place, an escrow agent is used to insure the process will close properly and in a certain amount of time. A property is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in an Internet auction, PayPal is the reliable third party that holds the buyer's money, and then hands over the funds to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finalized. This includes getting monies and records, completing required forms, and getting the release documents for any loans or liens that were paid with the transaction, assuring you have a free title to your house before the agreed upon price is fully paid.

    The pieces of paperwork the escrow company may collect include:

    Upon finishing of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title research
    • Meet the bank's guidelines 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 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:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Meet the bank's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • 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
    • Give advice - the escrow holder must maintain a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a simple outline of the escrow process. Your individual plan might be unique based on your lender and your escrow agent.

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