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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 place or your next property, I'll advise you through the process. Contact me.

    The Home is Almost Yours

     RE/Max Associates Northeast can walk you through closing - (281) 851-4438
    Escrow: To complete the sale of a property, a neutral, third party (the escrow company) is engaged to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. An easy way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes securing funds and documents, filling out required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your home before the asking price is fully paid.

    Escrow agents look for the following legal documents:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The property's title gets handed over to you and title insurance begins per the policies of your particular escrow process.

    The escrow agent gets a payment at the completion of closing. As your real estate professional, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet lender's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company stays at an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title research
    • Meet the bank's guidelines as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring fees while there is a loan on the 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 individual methods might be slightly different depending on your bank and your escrow holder.

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