Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. Call me at 919-805-4061 and I'll give you more information.

Closing the Sale in The Triangle

 Porchlight Real Estate can walk you through closing - 919-805-4061
Escrow: When you're closing on your new home, an escrow holder is used to insure the process will close correctly and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web purchase, PayPal is the reliable third party that holds the buyer's payment, and then hands over the payment to the seller.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being completed. This includes receiving payments and documents, finishing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your house before the asking price is fully paid.

These are the records that escrow holders usually look for:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

Closing on the house takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets handed over to you and title insurance is issued per the policies of your individual escrow process.

The escrow agent receives a payment at the completion of closing. As your REALTOR, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title search
  • Comply with lender's guidelines as noted in the escrow agreement
  • Intake funds 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 instructions of seller and buyer have been met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Give 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 guidelines
  • Petition title inquiry
  • Meet lender's requirements as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments and finalize instructions
  • Tell you what's best - the escrow company must stay at a fair, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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