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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 a house for the first time can be confusing. Let me help you. Contact me and I'll make sure you're a well-informed buyer.

    The Home is Almost Yours

     RE/MAX Advantage can walk you through closing - (715) 736-7000
    Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow agent) is engaged to assure the transaction will close properly and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web auction, PayPal is the reliable third party that obtains the buyer's funds, and then hands over the money to the seller.

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

    Escrow holders want to acquire the following forms:

    Upon finishing of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets issued as noted in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title research
    • Comply with lender's guidelines 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 paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title inquiry
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Accept 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 have been finished
    • Disburse funds and finalize instructions
    • Offer advice - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

    This is a quick run-down of the escrow process. Your particular plan may vary based on your bank and your escrow agent.

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