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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 work your way through the process. Call me at (828) 899-0797 and I'll give all the info you'll need to move forward.

    First-Time Home Buying: Closing

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    First, a little about "escrow". When you're closing on your new home, an escrow holder is used to guarantee the transaction will close appropriately and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online auction, PayPal is the reliable third party that holds the buyer's payment, and then disburses the money to the seller.

    Tying up any loose ends like obtaining funds, completing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the house prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow companies want to acquire the following forms:

    You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as now current homeowner and correct title insurance is issued as noted in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • Meet the bank's standards 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 terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title inquiry
    • Comply with the bank's requirements as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    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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