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
  • Whether it's your first home or your next property, I'll educate you through the process. Contact me and I'll make sure you're a well-informed buyer.

    Escrow 101

     Petrovich Realty can walk you through closing - 803-524-2530
    Escrow: An escrow holder is brought on to assure your property closes on time and the money exchanging part of closing goes smoothly. A place is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the transaction is taking place. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's cash, and then disburses the money to the seller.

    Clearing the final hurdles like receiving funds, completing forms, securing the documents for loans and liens, and making sure you get a clear title to the property prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the documents that escrow holders usually look to collect:

    Closing on the home happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 are met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title inquiry
    • Meet the bank's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions
    • Advise you - the escrow agent must stay at a fair, third-party status
    • Give insight about future tax estimations

    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.

    Once you're familiar with the escrow process, you can be a better 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