Whether it's your first home or your next home, I'll walk you through the process. Call me at (336) 722-9911 and I'll give all the info you'll need to move forward.

I'll Champion for You Through Closing

 John-Mark Mitchell's Realty Group can walk you through closing - (336) 722-9911
First, a little about "escrow". When you're closing on your new house, an escrow holder is used to make certain the process will close correctly and in a timely manner. A home is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finalized.

Escrow companies want to acquire the following legal 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
  • Loan documents

You're ready to close when all steps are done in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title inquiry
  • Comply with the bank's requirements as written in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments 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 future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Meet lender's standards as specified 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 terms of agreement of seller and buyer have been finished
  • Disburse funds and finalize instructions
  • Offer advice - the escrow holder must stay at a fair, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a simple outline of the escrow process. Your specific process will be slightly different depending on your lender and your escrow holder.