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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 real estate for the first time can be overwhelming. I can help. Call me at (248) 348-3000.

    Completing the Transaction

     RE/MAX Classic can walk you through closing - (248) 348-3000
    Escrow: When you're closing on your new place, an escrow company is used to make certain the transaction will close without problems and in a timely manner. A home is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties when the exchange of money takes place. An easy way to think of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes receiving payments and documents, finishing 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 clean title to your place before the agreed upon price is fully paid.

    The documents the escrow holder may obtain include:

    Upon completion of all instructions 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 obtain the title to the property and the title insurance gets issued as stated in the escrow instructions.

    The escrow agent gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Meet the bank's standards 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 documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title inquiry
    • Comply with lender's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 have been finished
    • Disburse payments and finish instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a simple outline of the escrow process. Your specific methods may be slightly different depending on your bank and your escrow agent.

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