Whether it's your first property or your next place, I'll help you through the process. Call me at (919) 924-4991 and I'll give help you buy the place you want.

Steps to Closing on a Home

 RE/MAX Performance can walk you through closing - (919) 924-4991
First, a little about "escrow". An escrow agent is hired to assure your place closes on time and the process goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the secure third party that obtains the buyer's money, and then sends the payment to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finished.

Escrow agents look for the following forms:

  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies

Closing on the house happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance is issued per the steps of your individual escrow agreement.

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

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title inquiry
  • Meet lender's requirements as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax 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:

  • Advise you - the escrow holder stays a neutral, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title research
  • Meet the bank's requirements as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions
  • Give advice - the escrow holder stays a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for on-going fees while there is a loan on the 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 being in escrow. And, you can be a smarter home buyer and future homeowner.

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