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
Don't let inexperience with the real estate industry 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 obtain the house you want.
The House is Almost Yours
Let's talk about "escrow". When you're closing on your new property, an escrow holder is used to make sure the transaction will close correctly and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet auction, PayPal is the neutral third party that holds the buyer's funds, and then hands over the payment to the seller.
The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being completed. This includes receiving payments and documents, signing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the agreed upon price is fully paid.
Escrow holders want to acquire the following pieces of paperwork:
You're ready to close when all steps are done in escrow process. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.
At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.
The Escrow Holder Will:
- Prepare escrow instructions
- Petition title inquiry
- Comply with the bank's standards as specified in the escrow agreement
- Receive payments 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 finished
- Disburse funds and finalize instructions
The Escrow Holder Won't:
- Give advice - the escrow agent stays at an impartial, third-party status
- Dispense opinions 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
- Request title research
- Meet lender's standards as written in the escrow agreement
- Intake payments from the buyer
- Prorate interest, insurance, tax and other payments according to guidelines
- Record deeds and other documents as instructed
- Obtain title insurance policy
- Close escrow when all terms of agreement of seller and buyer are met
- Disburse payments and finalize instructions
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- Give advice - the escrow agent has to remain an impartial, third-party status
- Offer opinions about the outcome of your taxes
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Mortgage Escrow Account
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the rules of the escrow process down, you can be a better buyer.