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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 prevent you from becoming a homeowner. I can help you understand 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". An escrow agent is used to assure your home closes on time and the money exchanging part of closing goes smoothly. A home is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the transaction is taking place. PayPal is a simple way to think of an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finalized.

    Escrow companies look for the following documents:

    You're ready to close when every step is complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as buyer and correct title insurance is issued as noted in the escrow instructions.

    When closing is in it's last step, you'll pay the fees to the escrow company. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents 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:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title research
    • Comply with the bank's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a simple outline of the escrow process. Your specific methods will vary based on your lender and your escrow holder.

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