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MINT Real Estate GroupMINT Real Estate Group

Louisville Real Estate

502.365.9833

info@mintky.com

13115 Aiken Road Louisville, KY 40223

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ESCROW: NOW WHAT?

Congratulations, you are on your way to owning your very own home! Follow these suggestions (and your Realtor’s advice) so that escrow and settlement with go as smooth as possible.

You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the less time it will take you to pay off and the less your mortgage payments will be every month.

During this period of purchasing your home, you are going to need an escrow or settlement company to act as an independent third party so that you know when and who to give your money to get the deed to your new home. The escrow or settlement company will hold your deposit and coordinate much of the activity that goes on during the escrow period. This deposit check may also be held by an attorney or in the broker’s trust account. Make sure that there are sufficient funds in your account to cover this check.

The deposit check will be cashed. Assuming the sale goes through, this money will be applied to the purchase price of the home. If for any reason the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages. Prior to executing a purchase contract, it would be wise to speak with your counsel regarding whether or not it is your best interest to have a liquidated damages clause as part of the contract.

1. The period that you are “in escrow” is often 30 days, but may be longer or shorter. During this time, each item specified in the contract must be completed satisfactorily. By the time you have opened escrow, you have come to an agreement with the seller on the closing date and the contingencies. Each contract is different, but most include the following: 1. Inspection contingency: this should be completed as soon as possible after the contract to purchase is signed as unsatisfactory results of the inspection may mean that you will want to cancel the contract.

2. Financing contingency: Once the contract is signed, you have a period of time to secure funding. If, for any reason, you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to remove the contingency and take your chances on getting a loan. You may choose to cancel the purchase contract.

3. A requirement that the seller must provide marketable title. With an attorney or title officer, review the title report. The title must be “clear” to ensure that you do not have legal issues regarding your ownership. Check into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.

4. Secure homeowner’s insurance. This will probably be required before you can close the sale. Due to such requirements as special fire and earthquake insurance, obtaining this insurance may require a lengthy period of time. It would be in your best interest to apply for insurance as soon as possible after the contract is signed.

5. Contact local utility companies to schedule to have service turned on when you close escrow.

6. Schedule the final walk-through inspection. At this time, you should make sure that the property is exactly as the contract says it should be. What you thought to be a “permanently attached” chandelier that would come with the property might have been removed by the seller and replaced with a different fixture entirely.

You’ve made it! Once the sale has closed, you’re the proud owner of a new home. Congratulations!

MINT Listings

Pending
Residential$347,000

9306 Norton Commons Blvd 202

9306 Norton Commons Blvd 202
Prospect, Kentucky 40059

  • 2Beds
  • 2Baths
  • 1,641Sq ft
View Listing
Pending
Residential$169,900

10403 Grafton Hall Rd

10403 Grafton Hall Rd
Louisville, Kentucky 40272

  • 3Beds
  • 1Baths
  • 1,318Sq ft
View Listing
Pending
Residential$229,900

1407 Cloverhills Dr

1407 Cloverhills Dr
Louisville, Kentucky 40216

  • 4Beds
  • 2Baths
  • 2,419Sq ft
View Listing
Active
Residential$479,000

521 Oxford Pl

521 Oxford Pl
Louisville, Kentucky 40207

  • 3Beds
  • 2Baths
  • 2,426Sq ft
View Listing
Closed
Residential$204,900

5213 Skylight Dr

5213 Skylight Dr
Louisville, Kentucky 40258

  • 3Beds
  • 3Baths
  • 2,396Sq ft
View Listing
Pending
Residential$338,000

4415 Saratoga Hill Rd

4415 Saratoga Hill Rd
Louisville, Kentucky 40299

  • 3Beds
  • 3Baths
  • 2,655Sq ft
View Listing
Pending
Residential$485,000

12515 Valley Pine Dr

12515 Valley Pine Dr
Louisville, Kentucky 40299

  • 4Beds
  • 4Baths
  • 4,296Sq ft
View Listing
Active
Residential$925,000

12910 Urton Ln

12910 Urton Ln
Louisville, Kentucky 40243

  • 4Beds
  • 5Baths
  • 3,433Sq ft
View Listing
Closed
Residential$205,000

3423 Pinnacle Gardens Dr

3423 Pinnacle Gardens Dr
Louisville, Kentucky 40245

  • 2Beds
  • 2Baths
  • 1,770Sq ft
View Listing
Closed
Residential$269,900

5422 Galaxie Dr

5422 Galaxie Dr
Louisville, Kentucky 40258

  • 3Beds
  • 3Baths
  • 2,958Sq ft
View Listing
Active
Residential$289,900

4203 Wine Cellar Ct

4203 Wine Cellar Ct
Louisville, Kentucky 40272

  • 4Beds
  • 3Baths
  • 2,002Sq ft
View Listing
Closed
Residential$299,000

3800 Debsom Way

3800 Debsom Way
Louisville, Kentucky 40241

  • 4Beds
  • 3Baths
  • 2,417Sq ft
View Listing
Active Under Contract
Residential$185,000

3123 Michael Dr

3123 Michael Dr
Louisville, Kentucky 40220

  • 3Beds
  • 2Baths
  • 1,297Sq ft
View Listing
Pending
Lots & Land$87,500

13510 Riggs Lake Ln

13510 Riggs Lake Ln
Louisville, Kentucky 40299

  • Beds
  • 0Baths
  • Sq ft
View Listing
Active Under Contract
Residential$90,000

205 Alreva Rd

205 Alreva Rd
Louisville, Kentucky 40216

  • 3Beds
  • 1Baths
  • 1,372Sq ft
View Listing
Active Under Contract
Residential$139,900

4721 S 6th St

4721 S 6th St
Louisville, Kentucky 40214

  • 3Beds
  • 2Baths
  • 1,919Sq ft
View Listing
Closed
Residential$162,500

2602 Aristocrat Pl 203

2602 Aristocrat Pl 203
Louisville, Kentucky 40299

  • 2Beds
  • 2Baths
  • 1,379Sq ft
View Listing
Active Under Contract
Residential$169,000

425 E Brandeis Ave

425 E Brandeis Ave
Louisville, Kentucky 40217

  • 2Beds
  • 1Baths
  • 918Sq ft
View Listing
Closed
Residential$470,000

1007 Glory View Dr

1007 Glory View Dr
Crestwood, Kentucky 40014

  • 4Beds
  • 3Baths
  • 2,344Sq ft
View Listing
Pending
Residential$625,000

31 Stonebridge Rd

31 Stonebridge Rd
Louisville, Kentucky 40207

  • 4Beds
  • 3Baths
  • 3,472Sq ft
View Listing
Closed
Residential$175,000

111 Pin Oak Cir

111 Pin Oak Cir
Mt Washington, Kentucky 40047

  • 3Beds
  • 1Baths
  • 1,100Sq ft
View Listing
Closed
Residential$214,900

3900 Baymeadow Dr

3900 Baymeadow Dr
Louisville, Kentucky 40258

  • 3Beds
  • 3Baths
  • 1,783Sq ft
View Listing
Closed
Residential$255,000

3301 Behr Ct

3301 Behr Ct
Louisville, Kentucky 40220

  • 3Beds
  • 3Baths
  • 2,963Sq ft
View Listing
Closed
Residential$259,000

222 Cornell Pl

222 Cornell Pl
Louisville, Kentucky 40207

  • 3Beds
  • 2Baths
  • 1,380Sq ft
View Listing
Active
Residential$89,900

3509 Lodge Ln 117

3509 Lodge Ln 117
Louisville, Kentucky 40218

  • 2Beds
  • 2Baths
  • 875Sq ft
View Listing
Active Under Contract
Residential$134,900

1231 Hull St

1231 Hull St
Louisville, Kentucky 40204

  • 1Beds
  • 1Baths
  • 720Sq ft
View Listing
Closed
Residential$214,999

441 Justin Trail

441 Justin Trail
Mt Washington, Kentucky 40047

  • 3Beds
  • 2Baths
  • 1,600Sq ft
View Listing
Closed
Residential$235,000

2204 Cottage Ln

2204 Cottage Ln
Louisville, Kentucky 40216

  • 3Beds
  • 3Baths
  • 2,981Sq ft
View Listing
Closed
Residential$345,000

103 Forest Springs Dr

103 Forest Springs Dr
Coxs Creek, Kentucky 40013

  • 3Beds
  • 3Baths
  • 3,057Sq ft
View Listing
Closed
Residential$285,900

4019 Saratoga Woods Dr

4019 Saratoga Woods Dr
Louisville, Kentucky 40299

  • 3Beds
  • 2Baths
  • 1,705Sq ft
View Listing

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13115 Aiken Road Louisville, KY 40223

info@mintky.com
502.365.9833
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