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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
  • Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. Call me at (336) 226-9374 and I'll give you more information.

    The Property is Almost Yours

     David Massey Real Estate can walk you through closing - (336) 226-9374
    First, a little about "escrow". An escrow company is used to assure your place closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that holds the buyer's funds, and then sends the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finalized.

    These are the legal documents that escrow holders usually compile:

    You're ready to close when every step is finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The house's title goes to you and title insurance is issued per the steps of your particular escrow process.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title research
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title search
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions
    • Give advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes

    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.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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