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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
  • Purchasing a home for the first time can be confusing. I can help. Call me at (773) 938-2585 and I'll give all the info you'll need to move forward.

    Escrow 101

     Mark Malave can walk you through closing - (773) 938-2585
    Let's talk about "escrow". When you're closing on your new place, an escrow holder is used to ensure the process will close appropriately and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand what an escrow company does is to compare it to PayPal for online purchases.

    Tying up any loose ends like taking in funds, finishing forms, getting the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the records that escrow companies usually compile:

    You're ready to close when each step of the complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

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

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title research
    • Comply with lender's guidelines 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 legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Meet the bank's standards as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest 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 are met
    • Disburse funds and finish instructions
    • Give advice - the escrow holder stays at an impartial, 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you're at ease with the escrow process, you can be a confident buyer.

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