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Completing the Transaction

 Latte Stone Properties, LLC can walk you through closing - (671) 647-5577
First, a little about "escrow". To finish the sale of a property, a neutral, third party (the escrow agent) is engaged to assure the process will close perfectly and on time. A place is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the transaction is taking place. An everyday way to understand what an escrow company does is to compare it to PayPal for online purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finished.

These are the documents that escrow companies 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

Closing on the home happens when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the house is then transferred to you as new owner and related title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title inquiry
  • Meet 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 documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent must stay at a fair, 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
  • Meet the bank's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Advise you - the escrow company must stay at a fair, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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Latte Stone Properties, LLC

Suite 101, 597 N Marine Corps Dr
Tamuning, Guam 96913