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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 the unknown scare you from becoming a homeowner. I can help you understand the process. Call me at (773) 938-2585.

    I'll Champion for You Through Closing

     Mark Malave can walk you through closing - (773) 938-2585
    Let's talk about "escrow". To complete the sale of a home, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good way to picture an escrow company.

    Tying up any loose ends like receiving funds, signing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    These are the legal documents that escrow agents usually look for:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the policies of your particular escrow agreement.

    When closing is completely finished, you'll submit a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title inquiry
    • Meet lender's guidelines as written 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
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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
    • Advise you - the escrow agent stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring 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're at ease with the escrow process, you can be a confident buyer.

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