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What To Expect When You're Closing in Naples

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Let's talk about "escrow". To close the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the transaction will close appropriately and on time. A home is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. A simple way to understand what an escrow company does is to compare it to PayPal for online purchases.


The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes receiving funds and certificates, completing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your property before the asking price is fully paid.

The pieces of paperwork the escrow agent may secure 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

Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you updated on the next steps.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title research
  • Comply with lender's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow company stays at an impartial, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the 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 better informed home buyer and future homeowner.

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