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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 keep you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

    I'll Champion for You Through Closing

     Walter L. Harvey with Lake Norman Realty, Inc. can walk you through closing - (704) 450-2060
    Let's talk about "escrow". To complete the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the process will close properly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet purchase, PayPal is the reliable third party that holds the buyer's funds, and then disburses the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are met prior to the sale being finished.

    Escrow agents want to obtain the following records:

    Closing on the property 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). You'll then receive the title to the home and the title insurance gets issued as outlined in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Receive payments 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 Won't:

    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title research
    • 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 documents as instructed
    • Obtain 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 has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the basics of the escrow process down, you can be a better buyer.

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