First-Time Home Buying: How To Close on a Place Escrow A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the transaction goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company. The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finished. Purchasing a property for the first time can be confusing. We can help. E-mail us at gmhambright@gmail.com to get some free information. Escrow agents compile the following legal documents: 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 Loan documents You're ready to close when each step of the complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the property and the title insurance gets issued as noted in the escrow instructions. The escrow company receives a payment at the completion of closing. I'll keep you informed on the through the procedure. The Escrow Holder Will: The Escrow Holder Won't: Write escrow instructions Request title search Comply with the bank's guidelines as specified in the escrow agreement Intake payments from the buyer Prorate insurance, tax, interest and other payments according to guidelines Record deeds and other paperwork as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are met Disburse funds and finish instructions Advise you - the escrow holder stays at an impartial, third-party status Offer opinions about future tax estimations 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.

Mickey Hambright specializes in North and SC farms, land and homes - servicing the real estate needs of home buyers and home sellers in search of real estate, homes for sale, condos, investment properties, horse farms, equestrian properties, stable properties, commercial real estate, new construction, new homes, land, lots, mountain view properties, farms and recreational property in these nearby communities and more!

Area Appeal | Asheville | Blue Ridge Mountain Country | Columbus | Horse Country | Landrum | Polk County | Saluda | Tryon

Mickey Hambright

400 E. Rutherford Street  Suite 100
Landrum,  SC  29356

Toll Free:  800-442-4749 Extension 121
Direct Line:  828-817-1796

Email:  gmhambright@gmail.com
Web Site: www.hambrightproperties.com

Licensed in North Carolina and South Carolina