Closing on Your First home in Morrisville

Whether it's your first property or your next home, I'll walk you through the process. Call me at (919) 924-4991 and I'll give you more information.

I'll Champion for You Through Closing

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

Escrow: When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the process will close correctly and in a specific time frame. A home is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finished.

The certificates the escrow holder may obtain include:

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

Closing on the property happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The house's title gets handed over to you and title insurance is issued per the policies of your particular escrow process.

When closing is completed, 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
Perform a title inquiry
Meet the bank's guidelines as noted in the escrow agreement
Receive funds 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 finished
Disburse payments and finish instructions

The Escrow Holder Will Not:

Advise you - the escrow company stays a neutral, third-party status
Offer opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Perform a title search Meet the bank's guidelines as outlined in the escrow agreement Intake funds 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 terms of agreement of seller and buyer are met Disburse monies and finish instructions		Advise you - the escrow agent must stay at a fair, third-party status Offer opinions about tax implications

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 being in escrow. And, you can be a smarter home buyer and future homeowner.

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