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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 work your way through the process. E-mail me at jackshingler@aim.com .

    Completing the Transaction

     Coldwell Banker High Country Realty can walk you through closing - 828-835-8500
    Let's talk about "escrow". When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the process will close appropriately and in a specific time frame. A home is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties when the exchange of money takes place. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

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

    Escrow companies look for the following records:

    Closing on the house takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow instructions.

    The escrow company gets a payment when the closing is complete. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Comply with lender's requirements as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Comply with lender's requirements as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest 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 are met
    • Disburse monies and finalize instructions
    • Offer advice - the escrow holder must stay at a fair, 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.

    Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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