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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 work your way through the process. E-mail me at Jason@SoldByJason.com .

    Escrow 101

     RE/MAX Advantage can walk you through closing - (715) 736-7000
    Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close perfectly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes securing funds and documents, finishing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your place before the negotiated price is fully paid.

    These are the legal forms that escrow agents usually look for:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new owner and correct title insurance is issued as noted in the escrow instructions.

    The escrow agent receives a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Comply with lender's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments 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 payments and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title inquiry
    • Comply with lender's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax 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 funds and finalize instructions
    • Offer advice - the escrow company must stay at a fair, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a simple outline of the escrow process. Your specific process could be different based on your bank and your escrow holder.

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