828-321-3101
828-321-3101
Topton,
North Carolina,
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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
Completing the Transaction
Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your property closes on time and the transaction goes smoothly. Escrow agents 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 agent makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being completed.
Escrow holders collect the following forms:
You're ready to close when every step is finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.
When closing is finished, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.
The Escrow Holder Will:
- Write escrow instructions
- Perform a title search
- Comply with the bank's requirements as written in the escrow agreement
- Accept payments from the buyer
- Prorate tax, interest, insurance and other fees according to guidelines
- Record deeds and other legal documents as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse funds and finish instructions
The Escrow Holder Will Not:
- Tell you what's best - the escrow holder must stay at a fair, third-party status
- Give insight about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Assemble escrow instructions
- Petition title search
- Meet the bank's requirements as noted in the escrow agreement
- Receive funds from the buyer
- Prorate tax, interest, insurance and other fees 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 payments and finalize instructions
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- Advise you - the escrow company must stay at a fair, third-party status
- Offer opinions about the outcome of your taxes
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Mortgage Escrow Account
A Mortgage Escrow Account is started to pay recurring fees while there is a loan on the house. 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 ABCs of the escrow process down, you can be a informed buyer.