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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
  • Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you work your way through the process. E-mail me at creigh@shotcmail.com .

    Closing the Sale in Cornelius, North Carolina

     Southern Homes of the Carolinas can walk you through closing - (704) 896-2000
    Let's talk about "escrow". When you're closing on your new place, an escrow agent is used to ensure the transaction will close without problems and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's payment, and then sends the payment to the seller.

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

    These are the records that escrow holders usually look for:

    Closing on the property takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    The escrow company gets a payment at the completion of closing. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Meet the bank's standards as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork 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 Will Not:

    • Advise you - the escrow holder stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Meet lender's standards as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations

    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.

    Once you're familiar with the escrow process, you can be a informed buyer.

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