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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 property or your next home, I'll help you through the process. Call me at 910.367.6396.

    Escrow 101

     Fred Thorne Realty LLC can walk you through closing - 910.367.6396
    Escrow: To finish the sale of a house, a neutral, third party (the escrow agent) is employed to assure the transaction will close correctly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being completed.

    These are the pieces of paperwork that escrow holders usually look for:

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Meet lender's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments 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 monies and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title research
    • Meet the bank's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Offer 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.

    This is a easy to understand guide about the escrow process. Your specific plan will be unique based on your lender and your escrow company.

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