Closing on a property - 410-647-8000 ext. 817

Whether it's your first house or your next place, I'll walk you through the process. Contact me and I'll make sure you're a confident buyer.

What To Expect When You're Closing in Annapolis

Berkshire Hathaway Home Services PenFed Realty can walk you through closing - 410-647-8000 ext. 817

Escrow: When you're closing on your new house, an escrow agent is used to guarantee the transaction will close properly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand what an escrow company does is to compare it to PayPal for online purchases.

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 in preparation of your purchase gets finalized are all part of the job of the escrow agent.

These are the legal documents that escrow holders usually look to collect:

Requests for payment for various services to be paid out of escrow funds
Loan documents
Tax statements
Fire and other insurance policies
Title insurance policies
Terms of sale and any seller-assisted financing

You're ready to close when each step of the finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets handed over to you and title insurance begins per the steps of your individual escrow agreement.

The escrow agent receives a payment at the completion of closing. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

Assemble escrow instructions
Perform a title search
Meet the bank's requirements as specified in the escrow agreement
Accept payments from the buyer
Prorate tax, interest, insurance and other fees 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 met
Disburse payments and finalize instructions

The Escrow Holder Will Not:

Tell you what's best - the escrow agent stays at an impartial, third-party status
Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Perform a title research Comply with the bank's standards as noted in the escrow agreement Intake funds from the buyer Prorate tax, interest, insurance and other fees 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 have been met Disburse payments and finalize instructions		Tell you what's best - the escrow agent stays a neutral, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you have the basics of the escrow process down, you can be a informed buyer.

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