Whether it's your first home or your next home, We'll advise you through the process.
Call us at 336-448-0045 and we'll give all the info you'll need to move forward.
Completing the Transaction
Let's talk about "escrow". An escrow agent is hired to assure your house closes on time and the money exchanging part of closing goes smoothly.
Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller.
PayPal is a good example of an escrow company.
Settling the last details like receiving funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the property before your purchase gets finalized are all part of the job of the escrow company.
The certificates the escrow agent may collect include:
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
- Fire and other insurance policies
- Title insurance policies
- Terms of sale and any seller-assisted financing
You're ready to close when all steps are complete in escrow process.
All expenses like title insurance, inspections and real estate commissions are paid.
The home's title gets handed over to you and title insurance is issued per the policies of your individual escrow process.
When closing is done, you'll make a payment to the escrow agent.
We'll keep you up-to-date on the procedure.
The Escrow Holder Will:
The Escrow Holder Won't:
- Assemble escrow guidelines
- Petition title research
- Comply with the bank's requirements as specified in the escrow agreement
- Receive funds 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 terms of agreement of seller and buyer have been met
- Disburse funds and finish instructions
- Offer advice - the escrow holder must maintain a neutral, third-party status
- Dispense opinions about the outcome of your taxes
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.
Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.