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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
  • Purchasing real estate for the first time can be intimidating. I can help. E-mail me at david@masseyappraisals.com .

    Completing the Transaction

     David Massey Real Estate can walk you through closing - (336) 226-9374
    Escrow: To close the sale of a home, a neutral, third party (the escrow agent) is employed to assure the process will close properly and on time. A home is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of a buyer and a seller when the transaction is taking place. An easy way to think of what an escrow company does is to compare it to PayPal for online purchases.

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

    Escrow companies look for the following legal documents:

    Upon completion 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 home is then given to you as new owner and correct title insurance is issued as noted in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 payments and finish instructions
    • Give advice - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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