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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 the unknown prevent you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me and I'll help you become a well-informed buyer.

    Escrow 101

     Coldwell Banker High Country Realty can walk you through closing - 828-835-8500
    Escrow: To complete the sale of a home, a neutral, third party (the escrow holder) is employed to assure the transaction will close appropriately and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes getting monies and certificates, completing required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your house before the negotiated price is fully paid.

    The records the escrow holder may collect include:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.

    At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title inquiry
    • Meet the bank's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title research
    • Comply with the bank's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the ABCs of the escrow process down, you can be a informed buyer.

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