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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 the unknown 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.

    What is Escrow?

     David Massey Real Estate can walk you through closing - (336) 226-9374
    Escrow: An escrow company is hired to assure your property closes on time and the closing process goes smoothly. A place is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in an Internet auction, PayPal is the neutral third party that obtains the buyer's funds, and then sends the payment to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.

    These are the documents that escrow holders usually look to collect:

    Closing on the house happens when all of the procedures of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

    The escrow company receives a payment at the completion of closing. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title research
    • Meet lender's requirements 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 legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Dispense 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.

    This is a quick run-down of the escrow process. Your particular process could be slightly different depending on your bank and your escrow holder.

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