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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
  • Don't let real estate industry jargon keep you from becoming a homeowner. I can help you understand the process. Call me at (843) 633-2929.

    What is Escrow?

     Ben Guyton can walk you through closing - (843) 633-2929
    First, a little about "escrow". When you're closing on your new place, an escrow holder is used to make sure the transaction will close without problems and on time. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    Settling the last details like receiving funds, completing forms, securing the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the documents that escrow agents usually compile:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the property is then transferred to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

    When closing is completed, you'll make a payment to the escrow company. As your real estate professional, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Comply with lender's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet lender's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Give insight about future tax estimations

    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.

    This is a simple outline of the escrow process. Your specific plan might be unique based on your lender and your escrow holder.

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