What To Expect When You're Closing in Gaston County

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

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These are the legal documents that escrow agents usually compile: Loan documents 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

You're ready to close when every step is finished in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the steps of your individual escrow agreement.

When closing is completely finished, you'll pay the fees to the escrow agent. I'll keep you updated on the on the next steps.

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow instructions Request title search Comply with lender's standards as noted in the escrow agreement Accept 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 are complete Disburse monies and finalize instructions		Give advice - the escrow company has to remain an impartial, third-party status Offer 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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