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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 advise you through the process. Call me at 401-932-9005 and I'll give all the info you'll need to move forward.

    What is Escrow?

     Greater R.I. Properties, LLC can walk you through closing - 401-932-9005
    Escrow: To close the sale of a property, a neutral, third party (the escrow company) is engaged to assure the transaction will close properly and on time. A home is said to be in escrow when in the closing process, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes getting payments and records, completing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your place before the asking price is fully paid.

    The pieces of paperwork the escrow company may obtain include:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the house is then transferred to you as buyer and related title insurance is issued as outlined in the escrow policy.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you updated on the next steps.

    The Escrow Holder Will:

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

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title research
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions
    • Give advice - the escrow company must stay at a fair, third-party status
    • Dispense opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.