Closing on Your First home in Morrisville

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Closing the Sale in Cary, North Carolina

RE/MAX One Hundred can walk you through closing - 9199244991

First, a little about "escrow". When you're closing on your new house, an escrow company is used to assure the process will close properly and in a specific time frame. A house is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a good example of an escrow company.

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

The certificates the escrow company may obtain include:

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
Fire and other insurance policies
Title insurance policies

Closing on the property takes place when the steps of the escrow are done. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance is issued per the steps of your particular escrow agreement.

When closing is completely finished, you'll pay the fees to the escrow holder. As your real estate agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

Assemble escrow instructions
Petition title inquiry
Comply with lender's requirements as written in the escrow agreement
Receive funds from the buyer
Prorate insurance, tax, interest and other payments 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 finished
Disburse payments and finalize instructions

The Escrow Holder Won't:

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

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title inquiry Comply with the bank's requirements as outlined in the escrow agreement Receive payments from the buyer Prorate interest, insurance, tax and other payments 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 complete Disburse payments and finalize instructions		Give advice - the escrow holder must stay at a fair, third-party status Give insight 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.

This is a quick run-down of the escrow process. Your specific plan may vary depending on your bank and your escrow company.

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