Escrow and Closing Information Chesapeake
Virginia
Escrow
To finalize the sale of the home a neutral, third party
(the escrow holder, a.k.a. escrow agent) is engaged
to assure the transaction will close properly and on
time. The escrow holder insures that all terms and conditions
of the seller's and buyer's agreement are met prior
to the sale being finalized, including receiving funds
and documents, completing required forms, and obtaining
the release documents for any loans or liens that have
been paid off with the transaction, assuring you clear
title to your property before the purchase price is
fully paid.
The documentation the escrow
holder may be collecting includes:
• 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
Upon completion of all instructions 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 property is then transferred to the seller
and appropriate title insurance is issued as outlined
in the escrow instructions.
At the close of escrow, payment
of funds shall be made in an acceptable form to the
escrow. As your real estate agent, I'll inform you of
the acceptable form.
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Escrow Holder Will: |
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The
Escrow Holder Won't: |
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Prepare escrow instructions
• Request title search
• Comply with lender's requirements
as specified in the escrow agreement
• Receive funds from the buyer
• Prorate insurance, tax, interest
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 have been met
• Disburse funds and finalize instructions
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Give advice - the escrow holder must maintain neutral,
third-party status
• Offer opinions about tax implications
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At times the sellers themselves thwart the efforts of
the Real Estate Agent. Nothing can be quite as frustrating
as trying to pull all the weight when someone else is
adding to the burden by being uncooperative! 
Let there be light
Buy some 100-watt bulbs to brighten the rooms and open
curtains or blinds to let light in. Unless a window faces
a brick wall or some type of eyesore, open the drapes!
Garage, not garbage
Have a garage sale to clean out the clutter and
make the garage more spacious. Your clients are moving
and will need to start organizing anyway, so why wait
until the last minute? Clean up oil spots in the garage
or carport with a good cleanser to remove that "lived-in"
appearance. The home may not be brand new, but it's new
to the potential buyer.
Make scents
Get a nice potpourri air freshener, or keep
some refrigerated cookie dough on hand to throw in the
oven when a prospect is coming over. Make the house smell
like a home.
Paint-relief
Consider re-painting any areas that need to be touched
up, but especially the front door and entryway, and any
appliances that are showing their age.
Power plants
Trim down any jungles outside, especially if they cover
the house. Get rid of any half-dead houseplants. Water
the lawns briefly before any visit, and keep the lawns
mowed and edged.
Click
here to contact 1st Century Mortgage. |
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