803-524-2530 803-524-2530 Rock Hill, South Carolina, Rock Hill, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Rock Hill, buying a house in Rock Hill, buying a house in South Carolina, real estate agent in Rock Hill, real estate agent in Rock Hill, real estate agent in South Carolina, finding a real estate agent in Rock Hill, finding a real estate agent in Rock Hill, finding a real estate agent in South Carolina, buying houses, buying homes, selling homes, selling houses, Petrovich Realty, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 house for the first time can be overwhelming. Let me help you. E-mail me at juan@petrovichrealty.com .

    What is Escrow?

     Petrovich Realty can walk you through closing - 803-524-2530
    Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your place closes on time and the process goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

    The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes receiving payments and paperwork, completing required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your home before the purchase price is fully paid.

    The certificates the escrow company may obtain include:

    Upon finishing 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 collected. The home's title goes to you and title insurance begins per the policies of your particular escrow process.

    The escrow agent 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:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet lender's guidelines as specified in the escrow agreement
    • Receive 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 instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title search
    • Comply with lender's standards as outlined in the escrow agreement
    • Accept funds 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 instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow company stays at an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for on-going fees 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.

    Once you have the rules of the escrow process down, you can be a confident buyer.

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

    Your Information
    Some Details