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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 the unknown scare you from becoming a homeowner. I can help you understand the process. Call me at (336) 226-9374 and I'll give help you buy the place you want.

    Escrow 101

     David Massey Real Estate can walk you through closing - (336) 226-9374
    Escrow: An escrow holder is brought on to assure your house closes on time and the money exchanging part of closing goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes receiving payments and records, filling out required forms, and getting the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clear title to your house before the purchase price is fully paid.

    Escrow companies collect the following records:

    Closing on the home happens when all of the procedures of the escrow are complete. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

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

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet lender's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used 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.

    This is a simple outline of the escrow process. Your particular process could be slightly different depending on your bank and your escrow holder.

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