Whether it's your first place or your next property, I'll help you through the process. E-mail me at jmiller@remax-advantage-tryon.com .

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Escrow: To complete the sale of a property, a neutral, third party (the escrow agent) is engaged to assure the transaction will close correctly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes getting payments and documents, finishing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your house before the final price is fully paid.

These are the records that escrow agents usually look to collect:

  • Loan documents
  • 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

You're ready to close when all steps are finished in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as new owner and related title insurance is issued as noted in the escrow policy.

The escrow agent receives a payment when the closing is complete. As your agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title research
  • Comply with lender's standards as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Comply with the bank's standards as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments 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 are complete
  • Disburse payments and finalize instructions
  • Advise you - the escrow holder stays at an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your particular methods may vary depending on your lender and your escrow holder.

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