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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 property, I'll walk you through the process. Call me at (859) 576-1877 and I'll give all the info you'll need to move forward.

    Completing the Transaction

     Homes & Horse Farms Real Estate can walk you through closing - (859) 576-1877
    Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow company) is employed to assure the process will close properly and on time. A property is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties when the transaction is taking place. An easy way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being finalized.

    The documents the escrow holder may obtain include:

    You're ready to close when all parts are done in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets transferred to you and title insurance begins per the policies of your individual escrow process.

    When closing is completely finished, you'll submit a payment to the escrow agent. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title research
    • Meet the bank's standards as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • 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 funds and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title research
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the rules of the escrow process down, you can be a informed buyer.

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