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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
  • The process of buying real estate for the first time can be intimidating. I can help. Call me at (828) 899-0797.

    Steps to Closing on a House

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your home closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a good example of an escrow company.

    Tying up any loose ends like obtaining funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    These are the legal forms that escrow companies usually look to collect:

    Closing on the house takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.

    When closing is completed, you'll submit a payment to the escrow agent. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with lender's guidelines as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title inquiry
    • Comply with lender's requirements as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a easy to understand guide about the escrow process. Your individual plan may be different depending on your lender and your escrow agent.

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