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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
  • Purchasing a home for the first time can be confusing. I can help. Call me at 336-442-7653.

    Steps to Closing on a Home

     The ALLREALTY Group can walk you through closing - 336-442-7653
    First, a little about "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 guarantee the transaction will close without problems and in a timely manner. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good way to picture an escrow company.

    Settling the last details like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow agents want to obtain the following records:

    You're ready to close when each step of the finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the home is then transferred to you as new owner and related title insurance is issued as noted in the escrow policy.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title research
    • Meet lender's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company stays a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title search
    • Comply with lender's guidelines as written 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 funds and finish instructions
    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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