Closing on Your First home in Morrisville

Don't let the unknown prevent you from becoming a homeowner. I can help you understand the process. Call me at (919) 924-4991 and I'll give all the info you'll need to move forward.

Buying Your Next Property: Closing

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

Escrow: To finish the sale of a property, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close correctly and on time. A home is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties when the transaction is taking place. For example, in an Internet purchase, PayPal is the reliable third party that obtains the buyer's cash, and then hands over the funds to the seller.

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

The pieces of paperwork the escrow holder may obtain include:

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 property takes place when the steps 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 transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.

When closing is in it's last step, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Write escrow guidelines
Petition title inquiry
Comply with the bank's requirements as outlined in the escrow agreement
Intake payments from the buyer
Prorate interest, insurance, tax and other payments according to instructions
Record deeds and other legal documents as instructed
Request title insurance policy
Close escrow when all instructions of seller and buyer have been met
Disburse funds and finalize instructions

The Escrow Holder Won't:

Offer advice - the escrow agent has to remain an impartial, third-party status
Give insight about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title search Comply with lender's standards as outlined in the escrow agreement Receive funds from the buyer Prorate tax, interest, insurance and other fees 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 finished Disburse payments and finalize instructions		Advise you - the escrow company stays at an impartial, third-party status Give insight about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay on-going 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 informed buyer.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information

* Name:

* Email:

Phone:

Street Address:

City:

State:

Country:

Zip/Postal Code:

Some Details

When Are You Moving?:

Where Are You Moving:

Your Price Range?:

Number of Bedrooms?:

Number of Bathrooms?:

Size In Square Feet?:

Any Comments, Concerns, Or Questions:

SMS Messaging:

By checking the box, you agree that RE/MAX Performance may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.