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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 real estate industry jargon prevent you from becoming a homeowner. I can help you understand the process. Call me at (919) 924-4991 and I'll give help you buy the place you want.

    I'll Champion for You Through Closing

     RE/MAX Performance can walk you through closing - (919) 924-4991
    Let's talk about "escrow". When you're closing on your new property, an escrow company is used to guarantee the transaction will close properly and in a timely manner. A home is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. PayPal is a good way to picture an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes getting monies and paperwork, signing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clear title to your home before the purchase price is fully paid.

    Escrow holders want to obtain the following pieces of paperwork:

    You're ready to close when all steps are done in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

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

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet lender's requirements as noted in the escrow agreement
    • Intake 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 terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title search
    • Meet lender's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Offer opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a simple outline of the escrow process. Your particular plan might be different based on your bank and your escrow agent.

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