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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
  • Don't let the unknown scare you from becoming a homeowner. I can help you understand the process. Contact me and I'll make sure you're a confident buyer.

    Buying Your Next Property: Closing

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    Let's talk about "escrow". To close the sale of a house, a neutral, third party (the escrow holder) is engaged to assure the transaction will close correctly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes getting monies and records, completing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clean title to your place before the asking price is fully paid.

    These are the records that escrow agents usually look for:

    You're ready to close when all steps are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance begins per the steps of your particular escrow process.

    The escrow agent gets a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title research
    • Meet the bank's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Meet the bank's standards 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 terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a simple outline of the escrow process. Your specific plan may be unique based on your bank and your escrow agent.

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