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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
  • Whether it's your first property or your next home, I'll advise you through the process. Call me at (740)681-1463 and I'll give help you buy the place you want.

    Completing the Transaction

     Freedom Realty & Management Company can walk you through closing - (740)681-1463
    First, a little about "escrow". To finalize the sale of a house, a neutral, third party (the escrow company) is employed to assure the process will close properly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

    Tying up any loose ends like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the documents that escrow agents usually look for:

    Closing on the property takes place when the steps of the escrow are finished. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets issued as outlined in the escrow instructions.

    The escrow company receives a payment at the completion of closing. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title research
    • Meet lender's guidelines as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Meet the bank's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Give advice - the escrow agent must stay at a fair, 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.

    Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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