Buying a house for the first time can be intimidating. I can help. E-mail me at troypropertybroker@gmail.com .

What To Expect When You're Closing in Fort Walton Beach, Florida

 Coast to Coast Property Brokers can walk you through closing - 8505856466
Let's talk about "escrow". To close the sale of a property, a neutral, third party (the escrow company) is employed to assure the process will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

Clearing the final hurdles like obtaining funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all part of the job of the escrow holder.

Escrow holders want to acquire the following legal documents:

  • 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

Closing on the property happens when the steps of the escrow are complete. All debts 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 dispersed as noted in the escrow instructions.

When closing is in it's last step, you'll submit a payment to the escrow company. As your real estate professional, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Write escrow guidelines
  • Request title research
  • Comply with lender's standards as specified in the escrow agreement
  • Intake funds 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 funds and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent stays at an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title inquiry
  • Meet the bank's guidelines as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finish instructions
  • Give advice - the escrow company must maintain a neutral, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a simple outline of the escrow process. Your particular process will be slightly different based on your bank and your escrow holder.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details