Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. E-mail me at EdKarazin@remax.net to get some free information.

Completing the Transaction

 RE/MAX Performance can walk you through closing - (919) 924-4991
Let's talk about "escrow". To finalize the sale of a home, a neutral, third party (the escrow company) is engaged to assure the transaction will close correctly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

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

These are the records that escrow companies usually look for:

  • 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
  • Loan documents
  • Tax statements

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance is issued per the policies of your individual escrow process.

When closing is completely finished, you'll make a payment to the escrow agent. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Write escrow guidelines
  • Petition title research
  • Comply with the bank's requirements as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow company must stay at a fair, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Meet lender's requirements as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finalize instructions
  • Offer advice - the escrow agent must stay at a fair, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 confident home buyer and future homeowner.

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