Whether it's your first home or your next place, I'll educate you through the process. Call me at 828-817-1796.

The House is Almost Yours

 Mickey Hambright can walk you through closing - 828-817-1796
Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your home closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

Tying up any loose ends like taking in funds, completing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the house in preparation of your purchase gets finalized are all part of the job of the escrow agent.

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

  • 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
  • Tax statements
  • Fire and other insurance policies

Closing on the house happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title search
  • 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 legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow agent stays at an impartial, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title research
  • Comply with the bank's guidelines as outlined in the escrow agreement
  • Receive funds 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 instructions of seller and buyer are met
  • Disburse payments and finalize instructions
  • Tell you what's best - the escrow agent must maintain a neutral, third-party status
  • Offer opinions about tax implications

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 better informed home buyer and future homeowner.