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Closing the Sale in North Kingstown

 Greater R.I. Properties, LLC can walk you through closing - 401-932-9005
First, a little about "escrow". To complete the sale of a house, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a simple way to think of an escrow company.

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

The certificates the escrow company may obtain include:

  • 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
  • Tax statements
  • Fire and other insurance policies

Closing on the home happens when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then secure the title to the property and the title insurance gets issued as stated in the escrow instructions.

When closing is in it's last step, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title search
  • Meet the bank'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
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title research
  • Meet the bank's standards as specified in the escrow agreement
  • Intake funds 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 met
  • Disburse funds and finish instructions
  • Advise you - the escrow company must maintain a neutral, third-party status
  • Offer 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.

Once you have the basics of the escrow process down, you can be a better buyer.