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Closing the Sale in Burlington

 David Massey Real Estate can walk you through closing - (336) 226-9374
First, a little about "escrow". When you're closing on your new home, an escrow agent is used to ensure the process will close without problems and in a specific time frame. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the neutral third party that holds the buyer's money, and then sends the payment to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finished.

These are the pieces of paperwork that escrow holders usually look for:

  • 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

Closing on the home happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Meet the bank'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
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Comply with lender's standards as specified in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse monies and finish instructions
  • Give advice - the escrow holder stays a neutral, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay 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.

This is a easy to understand guide about the escrow process. Your particular process will be slightly different depending on your lender and your escrow company.

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