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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 home or your next home, I'll educate you through the process. Call me at (828) 899-0797 and I'll give you more information.

    First-Time Home Buying: How To Close on a Place

     RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
    First, a little about "escrow". When you're closing on your new house, an escrow holder is used to guarantee the process will close appropriately and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

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

    Escrow agents collect the following forms:

    Closing on the house takes place when the steps of the escrow are done. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the policies of your individual escrow agreement.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Comply with lender'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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title search
    • Comply with the bank's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 comfortable with the escrow process, you can be a informed buyer.

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