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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 home, I'll advise you through the process. E-mail me at edkarazin@remax.net to get some free information.

    Closing the Sale in Cary

     RE/MAX Performance can walk you through closing - (919) 924-4991
    First, a little about "escrow". To complete the sale of a house, a neutral, third party (the escrow holder) is employed to assure the transaction will close correctly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet auction, PayPal is the secure third party that holds the buyer's payment, and then disburses the funds to the seller.

    The escrow agent insures that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finished. This includes securing monies and certificates, signing required forms, and getting the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your property before the purchase price is fully paid.

    Escrow agents compile the following records:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The property's title gets handed over to you and title insurance is issued per the policies of your individual escrow process.

    When closing is finished, you'll make a payment to the escrow holder. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title research
    • Meet the bank's requirements as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    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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