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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
  • The process of buying real estate for the first time can be intimidating. Let me help you. Contact me and I'll make sure you're a empowered buyer.

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

     Selective Homes Inc. can walk you through closing - 252-321-9784
    Escrow: To finish the sale of a place, a neutral, third party (the escrow company) is engaged to assure the transaction will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes receiving payments and records, completing required forms, and getting the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your house before the agreed upon price is fully paid.

    These are the records that escrow holders usually look for:

    Closing on the home happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as now current homeowner and correct title insurance is issued as noted in the escrow instructions.

    When closing is completely finished, you'll make a payment to the escrow company. As your REALTOR, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Comply with the bank's standards as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork 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
    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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