Closing on Your First home in Morrisville

Purchasing a house for the first time can be confusing. Let me help you. E-mail me at EdKarazin@remax.net to get some free information.

Escrow 101

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

First, a little about "escrow". When you're closing on your new house, an escrow agent is used to make certain the transaction will close properly and in a timely manner. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

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

Escrow holders want to obtain the following documents:

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

Upon completion 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 property is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow instructions.

The escrow company receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Write escrow instructions
Request title research
Meet the bank's guidelines as written in the escrow agreement
Accept funds from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other paperwork 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 Will Not:

Give advice - the escrow holder must maintain a neutral, third-party status
Dispense opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title inquiry Meet the bank's standards as specified in the escrow agreement Receive funds from the buyer Prorate tax, interest, insurance and other fees 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 monies and finalize instructions		Advise you - the escrow company stays at an impartial, third-party status Give insight 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. 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 quick run-down of the escrow process. Your individual plan could be different based on your lender and your escrow company.

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