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What To Expect When You're Closing in West Palm Beach
Escrow: An escrow company is brought on to assure your house closes on time and the money exchanging part of closing goes smoothly.
Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller.
For example, in an Internet auction, PayPal is the reliable third party that holds the buyer's cash, and then sends the money to the seller.
The escrow agent makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being finished. This includes receiving funds and records, completing required forms, and seeking out the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your property before the asking price is fully paid.
The certificates the escrow agent may secure include:
- Title insurance policies
- Terms of sale and any seller-assisted financing
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
- Fire and other insurance policies
You're ready to close when every step is done in escrow process.
All expenses like title insurance, inspections and real estate commissions are paid.
You'll then obtain the title to the property and the title insurance gets dispersed as stated in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow.
You'll know when it's time to submit the form of payment.
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The Escrow Holder Will: |
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The Escrow Holder Won't: |
- Assemble escrow guidelines
- Request title search
- Comply with the bank's requirements as written in the escrow agreement
- Receive funds from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other paperwork as instructed
- Request title insurance policy
- Close escrow when all terms of agreement of seller and buyer are complete
- Disburse payments and finalize instructions
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- Offer advice - the escrow company must maintain a neutral, third-party status
- Offer opinions about future tax estimations
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house.
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 smarter home buyer and future homeowner.