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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 advise you through the process. Contact me and I'll help you become a confident buyer.

    Closing the Sale in Cleveland

     Partnership Properties can walk you through closing - (662) 843-8850
    First, a little about "escrow". An escrow holder is hired to assure your house closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

    Tying up any loose ends like obtaining funds, finishing forms, securing the documents for loans and liens, and making sure you get a spotless title to the property in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    These are the legal forms that escrow agents usually look for:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as buyer and related title insurance is issued as noted in the escrow policy.

    At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet lender's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Meet the bank's requirements as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    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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