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Jim Silva Real Estate Team

Jim Silva
Five Star Realty and Management Company Inc.
Algonquin, IL 60102

Phone: 847-791-5843
Contact Us
Testimonials
 

Jim Silva Real Estate Team

Hannah Silva
Five Star Realty and Management Company Inc.
Algonquin, IL 60102

Phone: 847-791-5843
Contact Us
Testimonials
 

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Testimonials

Jim Silva is one of the best real estate agents I’ve ever worked with. I’m a retired Coldwell Banker agent in Colorado and have sold hundreds of homes and worked with many agents.
We went to Illinois to prepare my sister’s home I. sleepy Hollow so it could be sold. From our first interaction with Jim to the closing, we experienced his enthusiasm, hard work and dedication. Jim was, without a doubt, head and shoulders above the crowd in terms of professionalism, dedication and ethics. Jim went beyond our expectations. He is a credit to the real estate profession.
Jim sold my sister’s home in 5 days!
I highly recommend Jim Silva for any of your real estate needs.
Diane Mikitson
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How Escrow Works

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

Whether it's your first house or your next home, I'll walk you through the process. Contact me.

Escrow 101

Escrow: An escrow agent is used to assure your place closes on time and the money exchanging part of closing goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's money, and then sends the funds to the seller.

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

The documents the escrow holder may collect include:

Upon finishing of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title is given to you and title insurance begins per the policies of your particular escrow process.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Comply with lender's standards as outlined in the escrow agreement
  • Accept 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 monies and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about tax implications

 

The Escrow Holder Will:

  • Write escrow instructions
  • Request title search
  • Comply with the bank's standards as written in the escrow agreement
  • Accept funds 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 are met
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow company must stay at a fair, third-party status
  • Offer opinions about future tax estimations

 

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Once you have the rules of the escrow process down, you can be a more assured buyer.

 



Jim Silva Real Estate Team | 847-791-5843 | Contact Us
1329 S. Main St - Algonquin, IL 60102
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