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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 place or your next property, I'll help you through the process. Call me at (919) 924-4991.

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

     RE/MAX Performance can walk you through closing - (919) 924-4991
    Let's talk about "escrow". An escrow company is brought on to assure your place closes on time and the process goes smoothly. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the exchange of money takes place. For example, in an Internet auction, PayPal is the neutral third party that holds the buyer's funds, and then hands over the payment to the seller.

    Tying up any loose ends like receiving funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the home before your purchase gets finalized are all part of the job of the escrow agent.

    The pieces of paperwork the escrow agent may collect include:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the property 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. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Comply with lender's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Advise you - the escrow company stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you have the rules of the escrow process down, you can be a more assured buyer.

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