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Closing the Sale in Topton, North Carolina

 Nantahala Real Estate Company, INC can walk you through closing - 8283213101
First, a little about "escrow". To close the sale of a house, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close perfectly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that obtains the buyer's payment, and then disburses the money to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being completed.

Escrow agents want to acquire the following pieces of paperwork:

  • 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

Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as buyer and appropriate title insurance is issued as noted in the escrow policy.

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

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title search
  • Meet lender's guidelines as specified in the escrow agreement
  • Intake 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 terms of agreement of seller and buyer have been met
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title inquiry
  • Meet the bank's standards as written in the escrow agreement
  • Intake funds 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 terms of agreement of seller and buyer are complete
  • Disburse monies and finish instructions
  • Offer advice - the escrow company must maintain a neutral, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a simple outline of the escrow process. Your particular process could be unique depending on your bank and your escrow company.

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