Whether it's your first place or your next place, I'll help you through the process. E-mail me at david@masseyre.com to get some free information.

Closing the Sale in Burlington

 David Massey Real Estate can walk you through closing - (336) 226-9374
Let's talk about "escrow". An escrow company is hired to assure your property closes on time and the closing process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of how you might use PayPal for Internet purchases.

The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes getting monies and documents, finishing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your house before the agreed upon price is fully paid.

These are the legal forms that escrow holders usually look to collect:

  • Loan documents
  • 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

You're ready to close when each step of the done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title goes to you and title insurance begins per the steps of your particular escrow agreement.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title inquiry
  • Comply with lender's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Give advice - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title inquiry
  • Comply with lender's requirements as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for on-going 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.

Once you're comfortable with the escrow process, you can be a more assured buyer.

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