(704) 985-6817
(704) 985-6817 galford777@carolina.rr.com,
Albemarle,
North Carolina,
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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
Whether it's your first place or your next home, I'll walk you through the process.
Contact me and I'll make sure you're a confident buyer.
What is Escrow?
Let's talk about "escrow". An escrow agent is used to assure your house closes on time and the process goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web auction, PayPal is the secure third party that holds the buyer's payment, and then disburses the money to the seller.
The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being finalized.
The records the escrow agent may collect include:
Closing on the house takes place when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as now current homeowner and correct title insurance is issued as noted in the escrow policy.
When closing is completely finished, you'll pay the fees to the escrow holder. I'll keep you up-to-date on what comes next.
The Escrow Holder Will:
- Assemble escrow guidelines
- Request title inquiry
- Comply with the bank's requirements as written in the escrow agreement
- Intake payments from the buyer
- Prorate insurance, tax, interest and other payments 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 payments and finish instructions
The Escrow Holder Will Not:
- Tell you what's best - the escrow company stays at an impartial, third-party status
- Offer opinions about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Write escrow instructions
- Petition title search
- Meet lender's requirements as outlined in the escrow agreement
- Accept funds from the buyer
- Prorate interest, insurance, tax and other payments according to instructions
- Record deeds and other documents as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are met
- Disburse monies and finish instructions
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- Tell you what's best - the escrow company must stay at a fair, third-party status
- Dispense opinions about tax implications
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Mortgage Escrow Account
A Mortgage Escrow Account is used to pay on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the rules of the escrow process down, you can be a confident buyer.