336-498-1440 336-498-1440 Randleman, North Carolina, Randleman, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Randleman, buying a house in Randleman, buying a house in North Carolina, real estate agent in Randleman, real estate agent in Randleman, real estate agent in North Carolina, finding a real estate agent in Randleman, finding a real estate agent in Randleman, finding a real estate agent in North Carolina, buying houses, buying homes, selling homes, selling houses, Connection Realty LLC, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 home or your next house, I'll help you through the process. E-mail me at deddins@ymail.com .

    Escrow 101

     Connection Realty LLC can walk you through closing - 336-498-1440
    First, a little about "escrow". An escrow holder is brought on to assure your place closes on time and the transaction goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good way to picture an escrow company.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes getting funds and records, filling out required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a clear title to your place before the asking price is fully paid.

    The documents the escrow company may obtain include:

    You're ready to close when each step of the done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the property is then given to you as new owner and related title insurance is issued as outlined in the escrow policy.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments 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 finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet lender's standards as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest 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 have been finished
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a easy to understand guide about the escrow process. Your specific plan will vary depending on your lender and your escrow company.

    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.

    Your Information
    Some Details