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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 educate you through the process. E-mail me at libbi@partnershipprop.com to get some free information.

    Closing the Sale in Cleveland

     Partnership Properties can walk you through closing - (662) 843-8850
    Let's talk about "escrow". To close the sale of a home, a neutral, third party (the escrow holder) is engaged to assure the transaction will close perfectly and on time. When funds are 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.

    Clearing the final hurdles like receiving funds, signing forms, securing the documents for loans and liens, and making sure you get a clean title to the house in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    The certificates the escrow company may collect include:

    Closing on the property takes place when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the house and the title insurance gets issued as noted in the escrow instructions.

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

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with the bank's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must stay at a fair, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title research
    • Meet the bank's standards as specified in the escrow agreement
    • Receive funds 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 are complete
    • Disburse monies and finish instructions
    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a simple outline of the escrow process. Your particular methods could be different depending on your bank and your escrow company.

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