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  • Loan documents
  • 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 the unknown scare you from becoming a homeowner. I can help you understand the process. Contact me and I'll make sure you're a empowered buyer.

    The Home is Almost Yours

     Chris Coury Realtors Inc can walk you through closing - 502-552-6545
    Escrow: An escrow agent is used to assure your home closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

    Clearing the final hurdles like receiving funds, completing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    These are the legal forms that escrow agents usually compile:

    You're ready to close when all parts are complete in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the home and the title insurance gets issued as noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax 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 met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Meet lender's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest 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 payments and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a quick run-down of the escrow process. Your particular plan may be slightly different depending on your bank and your escrow company.

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