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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 inexperience with the real estate industry keep you from becoming a homeowner. I can help you understand the process. Call me at 651-770-4857.

    What To Expect When You're Closing in Maplewood

     Axis Realty can walk you through closing - 651-770-4857
    Let's talk about "escrow". To finalize the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close appropriately and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finished. This includes getting monies and records, filling out required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your place before the negotiated price is fully paid.

    Escrow agents want to obtain the following records:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the house and the title insurance gets issued as noted in the escrow instructions.

    The escrow agent gets a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

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

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title inquiry
    • Meet lender's guidelines as specified 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions
    • Give advice - the escrow holder 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 fees 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.

    Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.

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