Page 10 - CTT MT Buyers and Sellers Guide_Neat
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ESCROW & THE What do closing costs include?
CLOSING The closing costs will include title
premium, taxes, notary fees, loan fees,
PROCESS escrow fees and recording fees.
How do I open escrow?
Escrow is a financial On occasion, your real estate agent will
arrangement between two open an escrow account for the
parties that then enlist a neutral transaction, but any parties involved
may open the account. To open escrow,
third-party to hold money, respective parties must deliver to an
paperwork, and assets before a escrow company the earnest money
transaction is finalized. Escrow is check and the Purchase and Sale
required to follow mutual written Agreement.
instructions from all parties. Who sets the closing date?
Escrow will coordinate with the Both the buyer and seller must
buyer, seller, and lenders, as the mutually agree to a closing date but
middleman, to make sure that either can choose.
the buyer and seller uphold their
agreement. Who selects the escrow company?
Any party to a transaction may decide
which escrow company will close the
transaction.
PA GE 8 S TRENG TH | EXPER TISE | SER VICE
