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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
  • Whether it's your first place or your next property, I'll educate you through the process. Contact me.

    The Home is Almost Yours

     Fred Thorne Realty LLC can walk you through closing - 910.367.6396
    First, a little about "escrow". To finalize the sale of a property, a neutral, third party (the escrow company) is brought into the picture to assure the process will close properly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes securing monies and documents, signing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

    These are the legal forms that escrow agents usually compile:

    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 paid out. Title to the property is then given to you as new owner and appropriate title insurance is issued as noted in the escrow instructions.

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

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title search
    • Meet lender's standards as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Meet the bank's guidelines as specified 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions
    • Offer advice - the escrow holder must maintain a neutral, 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

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