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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
  • Whether it's your first home or your next home, I'll educate you through the process. E-mail me at johnmark@johnmarkmitchell.com .

    Closing the Sale in Winston-Salem, North Carolina

     John-Mark Mitchell's Realty Group can walk you through closing - (336) 722-9911
    Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow agent) is engaged to assure the transaction will close correctly and on time. A property is said to be in escrow when in the closing process, money is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. An everyday way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being completed.

    These are the pieces of paperwork that escrow agents usually look to collect:

    Upon completion of all instructions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets issued as noted in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • 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 instructions
    • Request title search
    • Meet lender's guidelines as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain 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 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.

    Once you're comfortable with the escrow process, you can be a more assured buyer.