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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 a home for the first time can be overwhelming. I can help. Call me at (843) 633-2929 and I'll give all the info you'll need to move forward.

    Escrow 101

     Ben Guyton can walk you through closing - (843) 633-2929
    First, a little about "escrow". When you're closing on your new home, an escrow holder is used to ensure the transaction will close appropriately and in a specific time frame. A place is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. A simple way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    Tying up any loose ends like receiving funds, completing forms, securing the documents for loans and liens, and assuring you get a clear title to the home before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the pieces of paperwork that escrow companies usually compile:

    Closing on the house takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow instructions.

    When closing is done, you'll pay the fees to the escrow agent. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title search
    • Meet lender's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title research
    • Comply with lender's guidelines as outlined 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
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Offer advice - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your particular methods could vary based on your lender and your escrow company.

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