770-675-7772
770-675-7772
Canton,
Georgia,
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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
Buying real estate for the first time can be overwhelming. I can help. Call me at 770-675-7772.
First-Time Home Buying: How To Close on a Property
First, a little about "escrow". When you're closing on your new property, an escrow company is used to insure the transaction will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to compare it to PayPal for online purchases.
Clearing the final hurdles like taking in funds, completing forms, getting the documents for loans and liens, and making sure you get a spotless title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.
The documents the escrow agent may obtain include:
Closing on the property takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the property and the title insurance gets dispersed as stated in the escrow instructions.
When closing is done, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.
The Escrow Holder Will:
- Prepare escrow instructions
- Perform a title research
- Comply with lender's guidelines as specified in the escrow agreement
- Intake funds from the buyer
- Prorate insurance, tax, interest and other payments according to guidelines
- Record deeds and other paperwork as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer have been finished
- Disburse payments and finish instructions
The Escrow Holder Won't:
- Give advice - the escrow holder has to remain an impartial, third-party status
- Dispense opinions about future tax estimations
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Assemble escrow guidelines
- Perform a title search
- Meet lender's guidelines as written in the escrow agreement
- Intake payments from the buyer
- Prorate interest, insurance, tax and other payments according to guidelines
- Record deeds and other legal documents as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer have been finished
- Disburse payments and finalize instructions
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- Advise you - the escrow company has to remain an impartial, third-party status
- Dispense opinions about future tax estimations
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.