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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
  • Whether it's your first house or your next property, I'll walk you through the process. E-mail me at sold@theallrealtygroup.com .

    Completing the Transaction

     The ALLREALTY Group can walk you through closing - 336-442-7653
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your home closes on time and the process goes smoothly. A home is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a good example of an escrow company.

    The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes securing payments and records, finishing required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your place before the agreed upon price is fully paid.

    The certificates the escrow agent may secure include:

    Closing on the home happens when the steps of the escrow are done. All payments owed and fees are taken and paid off 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.

    The escrow agent receives a payment when the closing is complete. 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 the bank's standards as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Offer 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the basics of the escrow process down, you can be a more assured buyer.

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