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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 inexperience with the real estate industry scare you from becoming a homeowner. I can help you work your way through the process. Contact me.

    What is Escrow?

     RE/MAX Advantage can walk you through closing - (715) 736-7000
    First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the process will close appropriately and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finalized. This includes getting payments and paperwork, completing required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your place before the asking price is fully paid.

    The records the escrow holder may obtain include:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    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:

    • Write escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title search
    • Meet lender'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 documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Dispense 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

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