Closing on Your First home in Morrisville

Purchasing property for the first time can be overwhelming. Let me help you. E-mail me at EdKarazin@remax.net .

Steps to Closing on a Property

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

Let's talk about "escrow". When you're closing on your new property, an escrow company is used to guarantee the process will close correctly and in a specific time frame. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to think of what an escrow company does is to compare it to PayPal for online purchases.

The escrow company insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes getting payments and records, filling out required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your place before the asking price is fully paid.

These are the records that escrow companies usually look to collect:

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
Loan documents

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as buyer and related title insurance is issued as noted in the escrow policy.

The escrow company receives a payment at the completion of closing. I'll keep you informed on the procedure.

The Escrow Holder Will:

Assemble escrow instructions
Request title inquiry
Comply with the bank's requirements as written in the escrow agreement
Intake funds from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other documents as instructed
Obtain title insurance policy
Close escrow when all instructions of seller and buyer are complete
Disburse funds and finalize instructions

The Escrow Holder Won't:

Give advice - the escrow holder stays a neutral, third-party status
Offer opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Petition title search Meet lender'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 documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finalize instructions		Give advice - the escrow holder has to remain an impartial, third-party status Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for rolling fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a simple outline of the escrow process. Your specific plan could vary depending on your bank and your escrow holder.

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