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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
  • Whether it's your first property or your next property, I'll walk you through the process. E-mail me at deddins@ymail.com .

    The House is Almost Yours

     Connection Realty LLC can walk you through closing - 336-498-1440
    Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close properly and on time. A property is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    Tying up any loose ends like receiving funds, signing forms, getting the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    The pieces of paperwork the escrow holder may collect include:

    Closing on the house happens when the steps of the escrow are done. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

    The escrow holder receives a payment at the completion of closing. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title search
    • Meet lender's standards as specified 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 funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - 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:
    • Write escrow guidelines
    • Petition title research
    • Meet lender's guidelines 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 instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Advise you - the escrow company must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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