What To Expect When You're Closing in South Florida, Florida

Escrow
To finalize the sale of a property, a neutral, third party (the escrow company) is brought into the picture to assure the process will close correctly and on time. When money is 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 company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finished.

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These are the documents that escrow holders usually compile: 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 Fire and other insurance policies

Closing on the property takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

When closing is in it's last step, you'll pay the fees to the escrow agent. As your real estate professional, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Perform a title research Meet lender's guidelines as written in the escrow agreement Intake funds from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other paperwork as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are met Disburse funds and finish instructions		Advise you - the escrow holder has to remain an impartial, third-party status Give insight about future tax estimations

Mortgage Escrow Account

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

This is a simple outline of the escrow process. Your particular plan could be unique depending on your bank and your escrow holder.