Closing on Your First home in Naples

Whether it's your first home or your next home, I'll help you through the process. Call me at 866-300-1550.

What To Expect When You're Closing in Naples, Florida

Metro Properties can walk you through closing - 866-300-1550

Let's talk about "escrow". When you're closing on your new property, an escrow agent is used to assure the transaction will close correctly and in a specific time frame. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes getting funds and certificates, completing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your home before the negotiated price is fully paid.

Escrow agents collect the following pieces of paperwork:

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
Tax statements

Closing on the house takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the steps of your individual escrow process.

At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.

The Escrow Holder Will:

Write escrow guidelines
Petition title search
Meet lender's guidelines as noted in the escrow agreement
Intake funds from the buyer
Prorate insurance, tax, interest and other payments according to instructions
Record deeds and other legal documents 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 Will Not:

Give advice - the escrow holder must stay at a fair, third-party status
Offer opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow instructions Request title research Meet the bank's requirements as written in the escrow agreement Accept 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 instructions of seller and buyer are met Disburse monies and finish instructions		Advise you - the escrow agent stays at an impartial, third-party status Give insight about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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