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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 home, I'll walk you through the process. Call me at (773) 938-2585.

    What To Expect When You're Closing in Chicago, Illinois

     Mark Malave can walk you through closing - (773) 938-2585
    First, a little about "escrow". To finalize the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close properly and on time. A home is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the transaction is taking place. PayPal is a simple way to think of an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being finalized.

    The pieces of paperwork the escrow agent may collect include:

    You're ready to close when all steps are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then secure the title to the property and the title insurance gets issued as outlined in the escrow instructions.

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

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title research
    • Comply with the bank's requirements as written 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
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Receive 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 finished
    • Disburse monies and finish instructions
    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a quick run-down of the escrow process. Your individual plan might be unique depending on your bank and your escrow holder.

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