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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
  • Don't let real estate industry jargon keep you from becoming a homeowner. I can help you understand the process. Contact me.

    Steps to Closing on a Property

     John-Mark Mitchell's Realty Group can walk you through closing - (336) 722-9911
    Escrow: To finalize the sale of a house, a neutral, third party (the escrow company) is employed to assure the process will close properly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

    Clearing the final hurdles like receiving funds, finishing forms, securing the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

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

    Closing on the house happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets handed over to you and title insurance is issued per the steps of your particular escrow process.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title research
    • Meet the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • 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 monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays at 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
    • Perform a title inquiry
    • Meet lender's requirements as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Give insight 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.

    Once you're familiar with the escrow process, you can be a confident buyer.