Whether it's your first home or your next place, I'll advise you through the process. Contact me and I'll make sure you're a confident buyer.

What To Expect When You're Closing in Cornelius

 Southern Homes of the Carolinas can walk you through closing - (704) 896-2000
Let's talk about "escrow". To finalize the sale of a place, a neutral, third party (the escrow agent) is brought into the picture to assure the process 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.

Tying up any loose ends like taking in funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the home prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

The certificates the escrow company may collect 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

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then obtain the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Write escrow instructions
  • Request title inquiry
  • Comply with lender's guidelines as specified in the escrow agreement
  • Receive 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 are met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow company must maintain a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Perform a title search
  • Comply with the bank's guidelines as written in the escrow agreement
  • Accept funds 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 are met
  • Disburse funds and finish instructions
  • Advise you - the escrow company has to remain an impartial, 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.

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

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