Whether it's your first property or your next place, I'll help you through the process. E-mail me at nzart@hotmail.com .

I'll Champion for You Through Closing

 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 home, an escrow holder is used to insure the transaction will close appropriately and in a certain amount of time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web transaction, PayPal is the reliable third party that obtains the buyer's funds, and then hands over the money to the seller.

The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being completed. This includes securing funds and records, signing required forms, and obtaining the release documents for any loans or liens that were paid off with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

These are the pieces of paperwork that escrow companies usually compile:

  • 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
  • Loan documents

Closing on the house takes place when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

The escrow holder gets a payment when the closing is complete. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title inquiry
  • 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 guidelines
  • 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 finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow company must stay at a fair, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title inquiry
  • Comply with lender's standards as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Give advice - the escrow holder stays at an impartial, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for recurring expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a simple outline of the escrow process. Your individual process will be unique depending on your lender and your escrow holder.