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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
  • Purchasing real estate for the first time can be overwhelming. I can help. E-mail me at jackshingler@aim.com .

    Closing the Sale in Murphy

     Coldwell Banker High Country Realty can walk you through closing - 828-835-8500
    Escrow: When you're closing on your new home, an escrow holder is used to insure the process will close appropriately and in a certain amount of time. A home is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being completed.

    The pieces of paperwork the escrow agent may secure include:

    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 paid out. You'll then get the title to the house and the title insurance gets issued as stated in the escrow instructions.

    When closing is finished, you'll submit a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title inquiry
    • Meet lender's guidelines as outlined in the escrow agreement
    • Receive 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 have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title research
    • Meet the bank's requirements as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain 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 stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    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 have the ABCs of the escrow process down, you can be a more assured buyer.

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