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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 overwhelming. Let me help you. Contact me and I'll make sure you're a confident buyer.

    What is Escrow?

     RE/MAX Advantage can walk you through closing - (715) 736-7000
    First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close properly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet auction, PayPal is the neutral third party that holds the buyer's cash, and then disburses the payment to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finalized.

    These are the pieces of paperwork that escrow holders usually compile:

    Closing on the home takes place when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Meet lender's guidelines 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 paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title search
    • Meet lender's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions
    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    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.

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

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