Closing on Your First home in Morrisville

Whether it's your first place or your next house, I'll advise you through the process. Call me at (919) 924-4991.

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RE/MAX Performance can walk you through closing - (919) 924-4991

First, a little about "escrow". When you're closing on your new place, an escrow agent is used to make certain the process will close properly and in a specific time frame. A home is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

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

The certificates the escrow holder may collect include:

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
Loan documents
Tax statements

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Write escrow instructions
Request title research
Comply with lender's requirements as written in the escrow agreement
Receive payments from the buyer
Prorate interest, insurance, tax and other payments 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 have been met
Disburse funds and finalize instructions

The Escrow Holder Won't:

Offer advice - the escrow company must maintain a neutral, third-party status
Dispense opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow instructions Request title search Comply with the bank's guidelines as written in the escrow agreement Receive payments from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other paperwork as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finalize instructions		Advise you - the escrow agent has to remain an impartial, third-party status Dispense opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

This is a easy to understand guide about the escrow process. Your specific plan may be unique depending on your bank and your escrow holder.

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