Rules for Using an Escrow Company

Whether it's your first house or your next home, I'll walk you through the process. Call me at 8283213101 and I'll give all the info you'll need to move forward.

Buying Your Next Home: Closing

Nantahala Real Estate Company, INC can walk you through closing - 8283213101

Escrow: When you're closing on your new place, an escrow agent is used to make certain the process will close properly and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a simple way to think of an escrow company.

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

Escrow holders look for the following pieces of paperwork:

Loan documents
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

You're ready to close when all steps are complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The property's title gets transferred to you and title insurance is issued per the steps of your individual escrow process.

When closing is completely finished, you'll pay the fees to the escrow holder. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Assemble escrow instructions
Request title inquiry
Meet lender's requirements as noted in the escrow agreement
Intake payments from the buyer
Prorate interest, insurance, tax and other payments 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 finished
Disburse funds and finalize instructions

The Escrow Holder Won't:

Give advice - the escrow company stays a neutral, third-party status
Dispense opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title inquiry Meet 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 legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are met Disburse payments and finish instructions		Tell you what's best - the escrow agent has to remain an impartial, third-party status Dispense opinions 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. 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.

Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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