Whether it's your first property or your next property, I'll educate you through the process. Contact me and I'll help you become a well-informed buyer.

What To Expect When You're Closing in Cleveland, Mississippi

 Partnership Properties can walk you through closing - (662) 843-8850
Escrow: When you're closing on your new home, an escrow agent is used to assure the process will close without problems and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes securing monies and documents, filling out required forms, and seeking out the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

The records the escrow holder may obtain include:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

Upon completion of all instructions of the escrow, closing can take place. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title inquiry
  • Comply with lender's requirements as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Perform a title search
  • Meet the bank's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finalize instructions
  • Give advice - the escrow company stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

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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