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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
  • Whether it's your first place or your next house, I'll educate you through the process. E-mail me at matthew@matthewvassallo.com .

    What is Escrow?

     Matthew Vassallo Real Estate can walk you through closing - 609.822.8700
    First, a little about "escrow". To finish the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the process will close properly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes getting payments and paperwork, filling out required forms, and seeking out 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 pieces of paperwork the escrow holder may collect include:

    Closing on the house takes place when all of the procedures of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the property is then transferred to you as new homeowner and related title insurance is issued as outlined in the escrow policy.

    When closing is in it's last step, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Accept 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 instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title research
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents 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
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Offer opinions about tax implications

    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.

    Once you have the rules of the escrow process down, you can be a more assured buyer.

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