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
  • Purchasing a house for the first time can be intimidating. I can help. Contact me.

    First-Time Home Buying: How To Close on a Home

     Greater R.I. Properties, LLC can walk you through closing - 401-932-9005
    Let's talk about "escrow". To close the sale of a house, a neutral, third party (the escrow agent) is employed to assure the transaction will close correctly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the neutral third party that obtains the buyer's funds, and then hands over the funds to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being completed.

    The certificates the escrow agent may collect include:

    You're ready to close when all steps are complete in escrow process. 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 home and the title insurance gets dispersed as agreed upon in the escrow instructions.

    When closing is completed, you'll pay the fees to the escrow agent. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title research
    • Comply with lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title search
    • Comply with lender's standards as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments 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 met
    • Disburse monies and finalize instructions
    • Advise you - the escrow holder must stay at a fair, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a quick run-down of the escrow process. Your particular plan will be different based on your lender and your escrow holder.