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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
  • The process of buying a house for the first time can be overwhelming. Let me help you. E-mail me at david@masseyappraisals.com .

    What is Escrow?

     David Massey Real Estate can walk you through closing - (336) 226-9374
    Escrow: When you're closing on your new house, an escrow company is used to ensure the transaction will close properly and in a specific time frame. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being completed.

    Escrow companies collect the following legal documents:

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.

    When closing is in it's last step, you'll submit a payment to the escrow agent. As your real estate professional, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Meet lender's guidelines as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Comply with the bank's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 being in escrow. And, you can be a smarter home buyer and future homeowner.

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