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Closing the Sale in Naples, Florida
Escrow
An escrow agent is hired to assure your property closes on time and the closing process goes smoothly.
When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow.
PayPal is a good way to picture an escrow company.
The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.
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Whether it's your first place or your next place, we'll advise you through the process.
E-mail us at Alice@NaplesRealEstate360.com to get some free information.
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The documents the escrow holder may obtain include:
- 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
- Loan documents
- Tax statements
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You're ready to close when each step of the finished in escrow process.
All expenses like title insurance, inspections and real estate commissions are paid.
You'll then obtain the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.
The escrow company gets a payment when the closing is complete.
I'll keep you informed on the what comes next.
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The Escrow Holder Will: |
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The Escrow Holder Won't: |
- Prepare escrow guidelines
- Perform a title search
- Comply with lender's guidelines as outlined in the escrow agreement
- Intake payments from the buyer
- Prorate interest, insurance, tax and other payments according to instructions
- Record deeds and other paperwork as instructed
- Request title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been met
- Disburse monies and finalize instructions
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- Offer advice - the escrow agent must stay at a fair, third-party status
- Dispense opinions about the outcome of your taxes
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house.
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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http://NaplesRealEstate360.com
Compliments of Cathy Miller and Alice Miller, REALTORS® Call today (239) 961-3393
Members; Naples Area Board of REALTORS®, Florida Association of REALTORS®, and National Association of REALTORS®. In association with Amerivest Realty of Naples-10001 Tamiami Trail North, Naples FL 34108 and 500 Fifth Avenue South, Naples FL 34102
  
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