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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
  • Whether it's your first property or your next property, I'll advise you through the process. E-mail me at mark@markmalave.com .

    What To Expect When You're Closing in Chicago, Illinois

     Mark Malave can walk you through closing - (773) 938-2585
    Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow agent) is employed to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web purchase, PayPal is the secure third party that holds the buyer's money, and then sends the funds to the seller.

    Tying up any loose ends like receiving funds, finishing forms, securing the documents for loans and liens, and making sure you get a clean title to the home in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    These are the legal forms that escrow agents usually compile:

    You're ready to close when all parts are complete in escrow process. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as now current homeowner and appropriate title insurance is issued as noted in the escrow policy.

    The escrow company receives a payment when the closing is complete. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title inquiry
    • Comply with the bank's standards as noted in the escrow agreement
    • Intake 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 have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title research
    • Meet lender's standards as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions
    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling expenses while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Once you have the ABCs of the escrow process down, you can be a confident buyer.

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