(336) 226-9374 (336) 226-9374 Burlington, North Carolina, Burlington, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Burlington, buying a house in Burlington, buying a house in North Carolina, real estate agent in Burlington, real estate agent in Burlington, real estate agent in North Carolina, finding a real estate agent in Burlington, finding a real estate agent in Burlington, finding a real estate agent in North Carolina, buying houses, buying homes, selling homes, selling houses, David Massey Real Estate, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 become knowledgeable about the process. Call me at (336) 226-9374.

    Steps to Closing on a Property

     David Massey Real Estate can walk you through closing - (336) 226-9374
    Let's talk about "escrow". To finalize the sale of a house, a neutral, third party (the escrow company) is engaged to assure the transaction will close correctly and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the secure third party that obtains the buyer's cash, and then sends the payment to the seller.

    The escrow company insures that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finished. This includes securing monies and certificates, completing required forms, and obtaining the release documents for any loans or liens that were paid off with the transaction, assuring you have a free title to your property before the agreed upon price is fully paid.

    The pieces of paperwork the escrow company may collect include:

    You're ready to close when each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title is given to you and title insurance begins per the steps of your individual escrow process.

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

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Meet lender's standards as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Meet lender's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax 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 have been finished
    • Disburse funds and finalize instructions
    • Offer advice - the escrow company stays at an impartial, third-party status
    • Dispense 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you have the ABCs of the escrow process down, you can be a informed buyer.

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

    Your Information
    Some Details