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

    Buying Your Next Home: Closing

     RE/MAX Performance can walk you through closing - (919) 924-4991
    Let's talk about "escrow". An escrow company is hired to assure your house closes on time and the transaction goes smoothly. A house 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 transaction is taking place. PayPal is a good example of an escrow company.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being completed.

    Escrow agents look for the following forms:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The home's title is given to you and title insurance is issued per the policies of your individual escrow process.

    The escrow holder receives a payment when the closing is complete. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title inquiry
    • Meet the bank's guidelines 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 have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title search
    • Comply with the bank's requirements as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions
    • Advise you - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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