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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
  • Purchasing real estate for the first time can be overwhelming. Let me help you. Contact me.

    The Home is Almost Yours

     Matthew Vassallo Real Estate can walk you through closing - 609.822.8700
    First, a little about "escrow". To close the sale of a place, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close properly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. A simple way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Clearing the final hurdles like receiving funds, completing forms, securing the documents for loans and liens, and assuring you get a clear title to the house in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    Escrow holders compile the following documents:

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

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • Comply with lender's standards 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 documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title research
    • Comply with lender's requirements 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
    • Advise you - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for rolling 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 quick run-down of the escrow process. Your particular process will be unique based on your lender and your escrow company.

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