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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 house or your next place, I'll advise you through the process. Call me at (828) 899-0797.

    What To Expect When You're Closing in Tryon

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    Let's talk about "escrow". To finalize the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the process will close properly 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 think of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finalized.

    Escrow agents compile the following records:

    You're ready to close when all steps are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Comply with lender's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest 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 Will Not:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Comply with lender's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • 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 payments and finish instructions
    • Offer advice - the escrow agent stays at an impartial, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going 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.

    This is a easy to understand guide about the escrow process. Your specific methods could be different depending on your bank and your escrow holder.

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