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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
  • Don't let real estate industry jargon prevent you from becoming a homeowner. I can help you work your way through the process. Call me at 401-932-9005.

    The Place is Almost Yours

     Greater R.I. Properties, LLC can walk you through closing - 401-932-9005
    First, a little about "escrow". When you're closing on your new property, an escrow agent is used to guarantee the transaction will close without problems and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    Clearing the final hurdles like taking in funds, signing forms, securing the documents for loans and liens, and assuring you get a spotless title to the house prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    Escrow holders look for the following records:

    Closing on the home happens when all of the procedures of the escrow are done. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and correct title insurance is issued as noted in the escrow instructions.

    The escrow company gets a payment when the closing is complete. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Offer advice - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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