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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
  • Buying real estate for the first time can be intimidating. Let me help you. E-mail me at mark@markmalave.com to get some free information.

    Completing the Transaction

     Mark Malave can walk you through closing - (773) 938-2585
    Escrow: When you're closing on your new place, an escrow agent is used to guarantee the transaction will close correctly and in a specific time frame. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being completed.

    These are the legal documents that escrow holders usually look to collect:

    Closing on the house happens when the steps of the escrow are finished. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow policy.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title research
    • Meet the bank's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Meet the bank's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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