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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
  • Buying real estate for the first time can be intimidating. Let me help you. Contact me and I'll help you become a well-informed buyer.

    Closing the Sale in Cumberland

     Reliable Realty Group can walk you through closing - (401) 723-3300
    Escrow: To complete the sale of a house, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close properly and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. A simple way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being finished.

    These are the legal documents that escrow holders usually compile:

    You're ready to close when every step is complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

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

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title inquiry
    • Meet the bank's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Give advice - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for 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 easy to understand guide about the escrow process. Your individual methods may be unique depending on your bank and your escrow holder.

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