Whether it's your first home or your next home, I'll advise you through the process. Call me at 401-932-9005 and I'll give help you live in the property you want.

Steps to Closing on a Home

 Greater R.I. Properties, LLC can walk you through closing - 401-932-9005
First, a little about "escrow". To finish 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 property is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's funds, and then disburses the money to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finished.

Escrow companies want to acquire the following pieces of paperwork:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

You're ready to close when each step of the complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as new owner and related title insurance is issued as outlined in the escrow instructions.

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

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title research
  • Meet lender's standards as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent stays a neutral, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Meet the bank's guidelines as written in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees 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 finished
  • Disburse funds and finish instructions
  • Offer advice - the escrow agent has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

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.