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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
  • Purchasing property for the first time can be intimidating. I can help. E-mail me at ben@benguyton.com to get some free information.

    Steps to Closing on a House

     Ben Guyton can walk you through closing - (843) 633-2929
    Escrow: When you're closing on your new house, an escrow company is used to ensure the process will close correctly and in a specific time frame. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes receiving funds and records, filling out required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your home before the asking price is fully paid.

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

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

    The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title search
    • Comply with the bank's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments 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 funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Meet lender's standards as noted in the escrow agreement
    • Intake 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 funds and finish instructions
    • Offer advice - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring 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.

    Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.

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