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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
  • The process of buying real estate for the first time can be overwhelming. Let me help you. E-mail me at edkarazin@remax.net .

    Closing the Sale in Cary

     RE/MAX Performance can walk you through closing - (919) 924-4991
    Escrow: To close the sale of a property, a neutral, third party (the escrow holder) is employed to assure the process will close correctly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's money, and then sends the money to the seller.

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

    These are the legal documents that escrow agents usually look for:

    Closing on the property happens when the steps of the escrow are done. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    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 form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet lender's requirements as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request 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:

    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Comply with the bank's guidelines 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Advise you - the escrow company stays at 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.

    This is a easy to understand guide about the escrow process. Your particular methods might be slightly different depending on your lender and your escrow holder.

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