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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 prevent you from becoming a homeowner. I can help you understand the process. Contact me and I'll help you become a empowered buyer.

    Escrow 101

     RE/MAX Performance can walk you through closing - (919) 924-4991
    Escrow: To close the sale of a home, a neutral, third party (the escrow agent) is employed to assure the transaction will close correctly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

    Clearing the final hurdles like obtaining funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the house before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The documents the escrow holder may obtain include:

    Closing on the home happens when the steps of the escrow are finished. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

    The escrow company gets a payment when the closing is complete. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Comply with lender's requirements as outlined 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 have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title research
    • Meet lender's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments 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 finished
    • Disburse funds and finalize instructions
    • Give advice - the escrow holder must maintain a neutral, third-party status
    • Give insight 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. 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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