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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 become knowledgeable about the process. Contact me.

    The Home is Almost Yours

     Selective Homes Inc. can walk you through closing - 252-321-9784
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your place closes on time and the closing process goes smoothly. A house is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an Internet transaction, PayPal is the reliable third party that holds the buyer's payment, and then sends the payment to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being completed.

    These are the legal documents that escrow holders usually look to collect:

    Closing on the home takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet the bank's guidelines as written in the escrow agreement
    • Intake 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 complete
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company stays a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Meet lender's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax 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 complete
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your specific methods will be slightly different based on your lender and your escrow holder.

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