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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 the unknown scare you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at ben@benguyton.com to get some free information.

    Completing the Transaction

     Ben Guyton can walk you through closing - (843) 633-2929
    Let's talk about "escrow". To close the sale of a property, a neutral, third party (the escrow agent) is engaged to assure the process will close correctly and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to think of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes receiving payments and certificates, completing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your home before the agreed upon price is fully paid.

    Escrow holders collect the following forms:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance begins per the policies of your particular escrow agreement.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title search
    • Meet lender'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 paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're at ease with the escrow process, you can be a confident buyer.

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