Joe and Johnna Zarroli - Wildwood Realtors in Wildwood New Jersey
   Weichert Realtors Coastal  3300 Pacific Avenue,  Wildwood, New Jersey 08260  
    
North Wildwood Real Estate, Wildwood Real Estate, Wildwood Crest Real Estate for Sale
            Serving Buyers and Sellers in North Wildwood, Wildwood, Wildwood Crest and West Wildwood New Jersey by 
Offering the Finest Selection of North Wildwood, Wildwood, Wildwood Crest and West Wildwood Real Estate.         
Realizing your dream of owning North Wildwood, Wildwood Crest or Wildwood condos, homes or investment properties is easier than you think...
...let us show you the way!
Your "Wildwood Realtors" are available right now at
609.402.8900
             Wildwood Realtors - North Wildwood Real Estate, Wildwood Real Estate, Wildwood Crest Real Estate

 

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Escrow Basics                                                                                                                                    


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Wildwood Realtors - Wildwood Real Estate for Sale by Weichert Realtors at JoeWildwood.com

Joe & Johnna
Zarroli

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Wildwood Real Estate - Wildwood Condo for Sale - 209 E Bennett Avenue
Wildwood Condo

Wildwood Real Estate for Sale - 207 W 9th Avenue - North Wildwood Single Family Home for Sale
North Wildwood

Wildwood Real Estate - West Wildwood Home for Sale - 631 West Glenwood
West Wildwood Single

Wildwood Investment Property for Sale - 141 West Hand Avenue
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Wildwood Real Estate - North Wildwood Wildwood and Wildwood Crest Condos and Homes for Sale
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Wildwood Real Estate - North Wildwood Wildwood and Wildwood Crest Condos and Homes for Sale
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Ocean City Condo for Sale - 700 Atlantic Avenue - Ocean CIty Short Sale
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Wildwood Real Estate - North Wildwood Wildwood and Wildwood Crest Condos and Homes for Sale

            Members of:          
Cape May County MLS
South Jersey Regional MLS
Cape May County Assn of Realtors
Ocean City Board of Realtors

ESCROW BASIS

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.