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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 property, I'll educate you through the process. Call me at (336) 722-9911 and I'll give help you live in the place you want.

    What To Expect When You're Closing in Winston-Salem

     John-Mark Mitchell's Realty Group can walk you through closing - (336) 722-9911
    Escrow: When you're closing on your new home, an escrow holder is used to assure the process will close correctly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet purchase, PayPal is the secure third party that obtains the buyer's cash, and then hands over the funds to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.

    These are the documents that escrow companies usually compile:

    Upon finishing of all portions of the escrow, closing can take place. All debts and fees are taken 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 outlined in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title research
    • Comply with the bank's requirements as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Comply with the bank's requirements as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay on-going expenses while there is a loan on the house. 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 quick run-down of the escrow process. Your individual process may be slightly different based on your lender and your escrow holder.