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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 home or your next house, I'll help you through the process. E-mail me at tim@selectivehomesinc.com .

    First-Time Home Buying: Closing

     Selective Homes Inc. can walk you through closing - 252-321-9784
    First, a little about "escrow". When you're closing on your new house, an escrow agent is used to ensure the process will close correctly and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    Tying up any loose ends like receiving funds, signing forms, securing the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all part of the job of the escrow company.

    The documents the escrow holder may obtain include:

    Closing on the property happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow policy.

    The escrow holder gets a payment at the completion of closing. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments 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 have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Accept 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 terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're at ease with the escrow process, you can be a more assured buyer.

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