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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 home or your next home, I'll educate you through the process. E-mail me at mark@markmalave.com .

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

     Mark Malave can walk you through closing - (773) 938-2585
    Let's talk about "escrow". To finish the sale of a place, a neutral, third party (the escrow holder) is engaged to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. An easy way to understand what an escrow company does is to think of the use of PayPal for online purchases.

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

    The certificates the escrow company may collect include:

    You're ready to close when all parts are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance is issued per the policies of your particular escrow process.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Meet the bank's guidelines as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title search
    • Meet lender's guidelines as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling expenses 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 particular process will vary depending on your bank and your escrow holder.

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