Don't let the unknown prevent you from becoming a homeowner. I can help you understand the process. E-mail me at hothomes@hotmail.com to get some free information.

The House is Almost Yours

Hot Homes Realty can walk you through closing - (727) 455-5510

Escrow: An escrow holder is used to assure your property closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that obtains the buyer's money, and then disburses the funds to the seller.

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

Escrow agents want to acquire the following records:

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
Title insurance policies

You're ready to close when every step is complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the property is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow policy.

The escrow holder receives a payment when the closing is complete. I'll keep you up-to-date on the procedure.

The Escrow Holder Will:

Assemble escrow guidelines
Petition title inquiry
Comply with the bank's standards as outlined in the escrow agreement
Receive payments 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 are complete
Disburse monies and finish instructions

The Escrow Holder Won't:

Offer advice - the escrow holder stays a neutral, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Petition title inquiry Meet the bank's requirements as written in the escrow agreement Intake payments 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 finalize instructions		Advise you - 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.