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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 house or your next house, I'll help you through the process. Contact me.

    The Place is Almost Yours

     Bill Garrison, PA, Realtor can walk you through closing - 941-400-2307
    Escrow: When you're closing on your new property, an escrow holder is used to guarantee the process will close correctly and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's funds, and then sends the money to the seller.

    Clearing the final hurdles like obtaining funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the property before your purchase gets finalized are all part of the job of the escrow company.

    These are the legal documents that escrow holders usually compile:

    You're ready to close when every step is finished in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

    The escrow agent receives a payment when the closing is complete. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title inquiry
    • Comply with lender's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must stay at a fair, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request 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 instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Dispense opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're comfortable with the escrow process, you can be a more assured buyer.