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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 real estate industry jargon prevent you from becoming a homeowner. I can help you understand the process. E-mail me at willsoncb@gmail.com .

    The Place is Almost Yours

     Homes & Horse Farms Real Estate can walk you through closing - (859) 576-1877
    Escrow: To finish the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close correctly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online transaction, PayPal is the secure third party that obtains the buyer's payment, and then disburses the money to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes securing monies and certificates, finishing required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your property before the negotiated price is fully paid.

    The documents the escrow company may secure include:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the property is then transferred to you as new owner and appropriate title insurance is issued as noted in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Comply with the bank's standards as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Meet the bank's requirements as noted in the escrow agreement
    • Intake payments 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 are complete
    • Disburse payments and finish instructions
    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay recurring expenses while there is a loan on the 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.

    Once you're at ease with the escrow process, you can be a more assured buyer.

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