Escrow

Escrow is the process where a neutral, third party is hired to gather all the information needed by the parties to close the transaction, including receiving funds and documents, completing and filing required forms and obtaining release documents for any loans or liens that are paid off as part of the transaction.

Typical documentation collected by the escrow agent/holder includes:

Loan documents
Tax statements
Fire and other insurance policies
Title insurance policies
Purchase agreement
Documentation related to seller-financing
Requests for services to be paid out of escrow funds.

Upon completion of all escrow instructions, the closing can take place. All outstanding payments and fees are collected and paid, and title to the property is transferred and the title insurance issues, as dictated by the escrow instructions.

An Escrow Agent/Holder does the following:

Prepares escrow instructions
Requests a title search
Complies with lender instructions specified in the escrow agreement
Receives funds from the buyer
Prorates insurance, tax, interest and other payments according to instructions
Records deeds and other documents as instructed
Requests the title insurance policy
Closes escrow when all instructions of the seller and buyer have been met
Disburses funds and finalizes instructions.

An Escrow Agent/Holder does NOT do the following:

Give advice to either party – the escrow agent is a neutral, third party
Offer opinions about tax implications.

Henin Realty has been holding a “complaint free” Florida Escrow Account for over 25 Years! Contact us to find your dream home.

HOW CAN WE HELP YOU?

Please tell us a little bit about your needs.