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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
  • Buying a home for the first time can be intimidating. I can help. E-mail me at fred@fredthornerealty.com to get some free information.

    Escrow 101

     Fred Thorne Realty LLC can walk you through closing - 910.367.6396
    First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the process will close properly and in a certain amount of time. A house is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being completed.

    These are the legal documents that escrow agents usually look for:

    You're ready to close when all parts are complete in escrow process. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as now current homeowner and appropriate title insurance is issued as noted in the escrow instructions.

    The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Intake 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 have been finished
    • Disburse monies and finalize 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:
    • Write escrow guidelines
    • Request title research
    • Comply with the bank's standards as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • 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 payments and finish instructions
    • Give advice - the escrow holder has to remain an impartial, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay rolling fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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