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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 inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. Contact me and I'll help you become a confident buyer.

    Closing the Sale in Chicago

     Mark Malave can walk you through closing - (773) 938-2585
    Escrow: An escrow company is used to assure your property closes on time and the process goes smoothly. A house is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in a Web purchase, PayPal is the reliable third party that holds the buyer's cash, and then disburses the payment to the seller.

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

    Escrow holders want to obtain the following documents:

    You're ready to close when every step is done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then obtain the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    The escrow holder receives a payment at the completion of closing. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Meet the bank's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines as outlined 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 have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow agent must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes

    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 simple outline of the escrow process. Your specific plan might be slightly different depending on your bank and your escrow agent.

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