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Closing the Sale in Landrum, South Carolina

 Mickey Hambright can walk you through closing - 828-817-1796
Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your property closes on time and the process goes smoothly. Escrow companies hold money for "safe-keeping" in transactions 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 is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being completed. This includes getting payments and records, completing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your property before the purchase price is fully paid.

The certificates the escrow company may collect include:

  • Loan 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

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. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.

The escrow agent gets a payment at the completion of closing. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title research
  • Meet the bank's requirements as specified in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Perform a title inquiry
  • Meet the bank's guidelines as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • 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 monies and finish instructions
  • Give advice - the escrow holder has to remain an impartial, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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