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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 keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at Jason@SoldByJason.com to get some free information.

    Completing the Transaction

     RE/MAX Advantage can walk you through closing - (715) 736-7000
    Escrow: An escrow company is brought on to assure your property closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finalized. This includes getting payments and paperwork, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your house before the agreed upon price is fully paid.

    Escrow holders want to acquire the following forms:

    You're ready to close when all parts are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title research
    • Comply with the bank's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title inquiry
    • Comply with lender's guidelines as written in the escrow agreement
    • Intake 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 terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Offer opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're familiar with the escrow process, you can be a better buyer.

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