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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 property or your next property, I'll walk you through the process. Call me at (828) 899-0797 and I'll give help you purchase the place you want.

    Steps to Closing on a Home

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your place closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web purchase, PayPal is the secure third party that obtains the buyer's funds, and then hands over the payment to the seller.

    The escrow agent insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes getting monies and certificates, finishing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your house before the agreed upon price is fully paid.

    These are the legal forms that escrow holders usually look for:

    Closing on the house takes place when the steps of the escrow are done. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

    When closing is completely finished, you'll pay the fees to the escrow company. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • 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 documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title search
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept funds 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 have been finished
    • Disburse funds and finalize instructions
    • Give advice - the escrow company stays at an impartial, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay recurring fees while there is a loan on the 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.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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