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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. Contact me and I'll help you become a empowered buyer.

    The House is Almost Yours

     Bay Shore Realy of Central Michigan Inc can walk you through closing - 517-219-9806
    Let's talk about "escrow". An escrow holder is hired to assure your place closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online transaction, PayPal is the reliable third party that holds the buyer's cash, and then hands over the money to the seller.

    Clearing the final hurdles like taking in funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    The certificates the escrow company may secure include:

    Closing on the home takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Comply with lender's requirements as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork 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 Won't:

    • Give advice - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Meet the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow company stays at an impartial, 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a easy to understand guide about the escrow process. Your particular process might be slightly different based on your lender and your escrow holder.

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