401-932-9005 401-932-9005 North Kingstown, Rhode Island, North Kingstown, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in North Kingstown, buying a house in North Kingstown, buying a house in Rhode Island, real estate agent in North Kingstown, real estate agent in North Kingstown, real estate agent in Rhode Island, finding a real estate agent in North Kingstown, finding a real estate agent in North Kingstown, finding a real estate agent in Rhode Island, buying houses, buying homes, selling homes, selling houses, Greater R.I. Properties, LLC, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 property, I'll educate you through the process. Contact me.

    I'll Champion for You Through Closing

     Greater R.I. Properties, LLC can walk you through closing - 401-932-9005
    Escrow: To finish the sale of a house, a neutral, third party (the escrow agent) is employed to assure the transaction will close perfectly and on time. When payment 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.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finished.

    Escrow holders compile the following legal documents:

    You're ready to close when all steps are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then receive the title to the house and the title insurance gets issued as stated in the escrow instructions.

    The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title research
    • Comply with lender's requirements 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 have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - 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:
    • Write escrow guidelines
    • Request title search
    • Meet lender's requirements as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.

    Once you have the basics of the escrow process down, you can be a better buyer.