Whether it's your first place or your next place, I'll walk you through the process. Call me at (804) 694-3113.

The House is Almost Yours

 Southern Trade Realty, Inc. can walk you through closing - (804) 694-3113
Escrow: An escrow company is hired to assure your place closes on time and the process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

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

Escrow holders compile the following documents:

  • 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
  • Tax statements

Closing on the home takes place when all of the procedures of the escrow are done. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title goes to you and title insurance is issued per the policies of your individual escrow process.

The escrow agent receives a payment when the closing is complete. As your real estate professional, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Request title inquiry
  • Comply with lender's requirements as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title research
  • Comply with lender's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finish instructions
  • Offer advice - the escrow company stays a neutral, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your particular methods could be unique based on your bank and your escrow holder.

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