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  • 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
  • Don't let the unknown scare you from becoming a homeowner. I can help you understand the process. Call me at 828-321-3101 and I'll give help you purchase the house you want.

    First-Time Home Buying: Closing

     Nantahala Real Estate Company, INC can walk you through closing - 828-321-3101
    First, a little about "escrow". When you're closing on your new house, an escrow company is used to guarantee the process will close appropriately and on time. 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 (in this case, a buyer and a seller) when the transaction is taking place. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's payment, and then hands over the money to the seller.

    The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finished. This includes securing funds and paperwork, finishing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a free title to your place before the negotiated price is fully paid.

    The certificates the escrow company may obtain include:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the home and the title insurance gets issued as stated in the escrow instructions.

    When closing is done, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title search
    • Comply with the bank's standards as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finish instructions
    • Offer advice - the escrow holder stays a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a quick run-down of the escrow process. Your individual methods may be slightly different depending on your lender and your escrow company.

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