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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
  • Whether it's your first property or your next property, I'll walk you through the process. E-mail me at juan@petrovichrealty.com to get some free information.

    Steps to Closing on a House

     Petrovich Realty can walk you through closing - 803-524-2530
    Escrow: An escrow holder is hired to assure your home closes on time and the process goes smoothly. A property is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the transaction is taking place. A simple way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

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

    Escrow companies compile the following forms:

    You're ready to close when all parts are complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The house's title gets handed over to you and title insurance is issued per the policies of your individual escrow process.

    The escrow holder receives a payment when the closing is complete. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Comply with lender's standards as noted in the escrow agreement
    • Receive 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 instructions of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title inquiry
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling fees while there is a loan on the house. 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 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.

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