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I'll Champion for You Through Closing

 RE/MAX Advantage Realty can walk you through closing - (828) 899-0797
First, a little about "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 closing process goes smoothly. When funds are 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.

The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes securing payments and paperwork, completing required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a clear title to your property before the asking price is fully paid.

These are the records that escrow companies usually look to collect:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

Closing on the home takes place when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

The escrow company receives a payment when the closing is complete. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title inquiry
  • Comply with the bank's guidelines 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
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Comply with the bank's standards as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finish instructions
  • Give advice - the escrow company stays at an impartial, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the 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 informed buyer.

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