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The Home is Almost Yours

 Mickey Hambright can walk you through closing - 828-817-1796
First, a little about "escrow". When you're closing on your new home, an escrow agent is used to make certain the process will close without problems and in a certain amount of time. A property is said to be in escrow when in the closing process, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a good example of an escrow company.

Tying up any loose ends like receiving funds, completing forms, securing the documents for loans and liens, and making sure you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow agent.

These are the records that escrow holders usually look to collect:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

You're ready to close when all parts are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The house's title is given to you and title insurance begins per the steps of your particular escrow agreement.

The escrow holder gets 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
  • Perform a title research
  • Meet lender's standards as noted in the escrow agreement
  • Accept funds 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 are met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder must maintain a neutral, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Meet lender's guidelines as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse funds and finalize instructions
  • Give advice - the escrow company must stay at a fair, third-party status
  • Dispense 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. 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 confident home buyer and future homeowner.