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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
  • The process of buying a home for the first time can be intimidating. Let me help you. Call me at 828-835-8500 and I'll give all the info you'll need to move forward.

    I'll Champion for You Through Closing

     Coldwell Banker High Country Realty can walk you through closing - 828-835-8500
    First, a little about "escrow". When you're closing on your new home, an escrow company is used to ensure the process will close correctly and in a timely manner. A house 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 transaction is taking place. PayPal is a good way to picture an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being completed. This includes getting funds and certificates, finishing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a free title to your home before the negotiated price is fully paid.

    The documents the escrow holder may secure include:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as now current homeowner and related title insurance is issued as noted in the escrow instructions.

    The escrow holder receives a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title search
    • Meet the bank's standards as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - 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:
    • Prepare escrow instructions
    • Perform a title search
    • Meet the bank's guidelines as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Offer advice - the escrow holder stays a neutral, third-party status
    • Give insight 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.

    This is a easy to understand guide about the escrow process. Your individual methods may be unique depending on your bank and your escrow company.

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