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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 prevent you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at juan@petrovichrealty.com to get some free information.

    I'll Champion for You Through Closing

     Petrovich Realty can walk you through closing - 803-524-2530
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the secure third party that obtains the buyer's payment, and then disburses the payment to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finished.

    These are the pieces of paperwork that escrow companies usually look to collect:

    Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as buyer and correct title insurance is issued as noted in the escrow policy.

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

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments 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 instructions of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's requirements as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finalize instructions
    • Give advice - the escrow holder stays a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a easy to understand guide about the escrow process. Your individual process might vary based on your bank and your escrow company.

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