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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 place, I'll walk you through the process. Contact me.

    Completing the Transaction

     Homes & Horse Farms Real Estate can walk you through closing - (859) 576-1877
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your home closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties when the transaction is taking place. An everyday way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finished.

    The certificates the escrow holder may collect include:

    Closing on the property takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as buyer and correct title insurance is issued as noted in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as noted 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Comply with lender's guidelines as written in the escrow agreement
    • Accept 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 met
    • Disburse monies and finalize instructions
    • Offer advice - the escrow holder stays at an impartial, 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. 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 quick run-down of the escrow process. Your specific process may be slightly different based on your bank and your escrow holder.

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