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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 property or your next place, I'll advise you through the process. Contact me and I'll make sure you're a confident buyer.

    Completing the Transaction

     David Jent Realty & Auction can walk you through closing - (931) 359-6631
    Let's talk about "escrow". When you're closing on your new property, an escrow holder is used to make certain the transaction will close without problems and in a certain amount of time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet transaction, PayPal is the reliable third party that obtains the buyer's money, and then disburses the money to the seller.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes getting payments and paperwork, signing required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your property before the final price is fully paid.

    These are the pieces of paperwork that escrow agents usually look for:

    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. The home's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company must maintain 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
    • Request title research
    • Comply with the bank's guidelines as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse funds and finalize instructions
    • Give advice - the escrow company stays a neutral, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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