Whether it's your first place or your next place, I'll help you through the process. Call me at 727-647-0449.

Closing the Sale in Tarpon Springs

 BluMar Realty, Inc. can walk you through closing - 727-647-0449
First, a little about "escrow". An escrow agent is used to assure your house closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes getting payments and paperwork, signing required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your home before the agreed upon price is fully paid.

The documents the escrow agent may collect include:

  • 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
  • Title insurance policies

You're ready to close when all steps are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

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

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Perform a title research
  • Meet the bank's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Give advice - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title research
  • Meet the bank's standards as noted in the escrow agreement
  • Intake payments 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 instructions of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Offer advice - the escrow company must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a easy to understand guide about the escrow process. Your specific plan will vary depending on your bank and your escrow holder.

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