Closing the Sale in Cherokee County

The escrow agent insures that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes receiving monies and documents, filling out required forms, and obtaining the release documents for any loans or liens that were cleared with the transaction, assuring you have a unobstructed title to your house before the purchase price is fully paid.

	Don't let inexperience with the real estate industry keep you from becoming a homeowner. We can help you understand the process. Call us at 828-321-3101 and we'll give you more information.

These are the legal forms that escrow companies usually look to collect: 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 Fire and other insurance policies

Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Petition title research Comply with lender's requirements as noted in the escrow agreement Receive funds from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse funds and finalize instructions		Advise you - the escrow agent stays a neutral, third-party status Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

Once you have the basics of the escrow process down, you can be a more assured buyer.