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Closing the Sale in Boca Raton, Florida

Mimi Mangines, REALTOR® can walk you through closing - 5614452836
First, a little about "escrow". An escrow agent is brought on to assure your home closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

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

These are the legal forms that escrow companies usually compile:

  • 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. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The property's title is given to you and title insurance begins per the policies of your individual escrow agreement.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title inquiry
  • Comply with lender's standards as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow company stays at an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title search
  • Meet the bank's guidelines as specified in the escrow agreement
  • Accept funds 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 terms of agreement of seller and buyer are complete
  • Disburse monies and finalize instructions
  • Give advice - the escrow holder stays at an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

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 smarter home buyer and future homeowner.

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