The process of buying property for the first time can be overwhelming. Let me help you. E-mail me at kristine@nantahalaproperties.com .

Closing the Sale in Topton, North Carolina

 Nantahala Real Estate Company, INC can walk you through closing - 8283213101
Escrow: When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the transaction will close appropriately and in a timely manner. A place is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties when the transaction is taking place. PayPal is a good example of an escrow company.

Clearing the final hurdles like receiving funds, completing forms, securing the documents for loans and liens, and making sure you get a spotless title to the property prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

Escrow companies look for the following records:

  • 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
  • Loan documents
  • Tax statements

Closing on the property takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

When closing is completed, you'll submit a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title search
  • Comply with the bank's requirements as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow company has to remain an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title inquiry
  • Meet lender's standards as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse funds and finish instructions
  • Advise you - the escrow agent stays a neutral, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question

English French German Portuguese Spanish