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Closing the Sale in Tamuning, Guam

 Latte Stone Properties, LLC can walk you through closing - (671) 647-5577
Escrow: To finalize the sale of a home, a neutral, third party (the escrow holder) is employed to assure the process will close appropriately 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 a buyer and a seller when the exchange of money takes place. For example, in an Internet transaction, PayPal is the reliable third party that obtains the buyer's cash, and then disburses the money to the seller.

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

Escrow agents want to acquire the following forms:

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

You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new owner and correct 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. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Request title research
  • Meet lender's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • 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

The Escrow Holder Will Not:

  • Offer advice - the escrow company has to remain an impartial, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title search
  • Meet lender's standards as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse monies and finish instructions
  • Advise you - the escrow company stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. 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 informed buyer.

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Latte Stone Properties, LLC

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