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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 become knowledgeable about the process. E-mail me at deddins@ymail.com .

    First-Time Home Buying: How To Close on a Property

     Connection Realty LLC can walk you through closing - 336-498-1440
    First, a little about "escrow". When you're closing on your new property, an escrow holder is used to assure the process will close correctly and in a certain amount of time. A house is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the exchange of money takes place. For example, in a Web purchase, PayPal is the neutral third party that obtains the buyer's cash, and then sends the funds to the seller.

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

    Escrow holders collect the following records:

    You're ready to close when all steps are complete in escrow process. 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 issued as stated in the escrow instructions.

    The escrow holder receives a payment when the closing is complete. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title research
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest 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 have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Meet the bank's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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