Closing on Your First home in Morrisville

Whether it's your first house or your next home, I'll walk you through the process. E-mail me at EdKarazin@remax.net .

Steps to Closing on a Property

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

First, a little about "escrow". An escrow agent is brought on to assure your house closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet purchase, PayPal is the neutral third party that holds the buyer's funds, and then hands over the payment to the seller.

Settling the last details like receiving funds, completing forms, getting the documents for loans and liens, and making sure you get a clear title to the property prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

Escrow agents want to acquire the following legal documents:

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 happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the house is then given to you as new homeowner and correct title insurance is issued as noted in the escrow policy.

The escrow holder receives a payment at the completion of closing. As your real estate agent, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

Write escrow guidelines
Perform a title research
Meet the bank's standards as outlined 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
Obtain 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:

Give advice - the escrow agent has to remain an impartial, third-party status
Dispense opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Request title research Comply with lender's standards as outlined in the escrow agreement Receive payments 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 instructions of seller and buyer have been met Disburse payments and finalize instructions		Offer advice - the escrow agent has to remain an impartial, third-party status Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling expenses 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.

This is a easy to understand guide about the escrow process. Your particular process will be different depending on your lender and your escrow company.

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