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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 home, I'll help you through the process. Contact me and I'll make sure you're a confident buyer.

    The Place is Almost Yours

     Matthew Vassallo Real Estate can walk you through closing - 609.822.8700
    First, a little about "escrow". When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to insure the process will close properly and in a specific time frame. A property is said to be in escrow when in the closing process, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. An easy way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Tying up any loose ends like receiving funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow agents look for the following documents:

    Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as buyer and related title insurance is issued as noted in the escrow policy.

    The escrow holder gets a payment at the completion of closing. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title search
    • Meet lender's guidelines as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent 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 instructions
    • Petition title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.

    Once you're at ease with the escrow process, you can be a better buyer.

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