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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 scare you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at david@masseyappraisals.com .

    I'll Champion for You Through Closing

     David Massey Real Estate can walk you through closing - (336) 226-9374
    First, a little about "escrow". When you're closing on your new home, an escrow agent is used to insure the transaction will close without problems and in a certain amount of time. A property is said to be in escrow when in the closing process, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a simple way to think of an escrow company.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes securing monies and documents, finishing required forms, and getting the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your property before the agreed upon price is fully paid.

    The certificates the escrow company may obtain include:

    Closing on the property takes place when all of the procedures of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance is issued per the steps of your individual escrow process.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title research
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Accept funds 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 instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Comply with the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring 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 how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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