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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
  • The process of buying real estate for the first time can be confusing. I can help. Call me at (773) 938-2585 and I'll give you more information.

    Buying Your Next Property: Closing

     Mark Malave can walk you through closing - (773) 938-2585
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online purchase, PayPal is the secure third party that holds the buyer's payment, and then sends the payment to the seller.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finalized. This includes receiving funds and records, signing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the final price is fully paid.

    Escrow holders look for the following legal documents:

    Closing on the home happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • 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 guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Give advice - the escrow holder stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay on-going expenses 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 basics of the escrow process down, you can be a confident buyer.

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