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Closing the Sale in Greenville

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Escrow: When you're closing on your new home, an escrow agent is used to make sure the process will close appropriately and in a timely manner. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the secure third party that obtains the buyer's payment, and then disburses the money to the seller.

Tying up any loose ends like receiving funds, completing forms, getting the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

The records the escrow holder may obtain include:

  • Loan documents
  • 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

Closing on the house happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance begins per the steps of your individual escrow agreement.

The escrow agent receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Comply with lender's standards as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Give advice - the escrow holder stays a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title research
  • Meet the bank's standards as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 monies and finish instructions
  • Give advice - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions 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. 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 may be different depending on your lender and your escrow holder.

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