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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 house, I'll educate you through the process. Call me at (336) 226-9374.

    Escrow 101

     David Massey Real Estate can walk you through closing - (336) 226-9374
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the closing process goes smoothly. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's payment, and then sends the payment to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finished. This includes getting funds and paperwork, completing required forms, and obtaining the release documents for any loans or liens that were paid off with the transaction, assuring you have a clear title to your house before the final price is fully paid.

    Escrow companies compile the following forms:

    You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow policy.

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

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Meet the bank's requirements as noted in the escrow agreement
    • Receive payments 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 are complete
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Meet the bank's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    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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