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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 property for the first time can be intimidating. I can help. E-mail me at jeff@jeffmillerrealtor.com to get some free information.

    Closing the Sale in Tryon

     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 hired to assure your house closes on time and the transaction goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

    Settling the last details like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the house before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    Escrow holders compile the following forms:

    Closing on the house happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

    When closing is done, you'll pay the fees to the escrow company. As your real estate professional, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title search
    • Comply with the bank's standards as noted in the escrow agreement
    • Accept payments 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 have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays at 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
    • Meet the bank's guidelines as outlined 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions
    • Give advice - the escrow company has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    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.

    Once you're at ease with the escrow process, you can be a confident buyer.

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