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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
  • Buying a house for the first time can be intimidating. Let me help you. Contact me.

    Completing the Transaction

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    First, a little about "escrow". To close the sale of a property, a neutral, third party (the escrow agent) is engaged to assure the process will close correctly and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes receiving payments and paperwork, signing required forms, and getting the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your place before the final price is fully paid.

    The records the escrow agent may secure include:

    You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow policy.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title research
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title research
    • Comply with lender's requirements 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 documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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