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What To Expect When You're Closing in Charlotte, North Carolina

 Thompson-Smith, Inc. can walk you through closing - 704-541-3801
First, a little about "escrow". To finalize the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close correctly and on time. A property is said to be in escrow when in the closing process, money is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. An easy way to think of what an escrow company does is to think of how you might use PayPal for online purchases.


The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes getting monies and records, completing required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your property before the negotiated price is fully paid.

Escrow holders look for the following documents:

  • 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
  • Loan documents
  • Tax statements

Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets issued as stated in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you informed on the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Meet the bank's requirements as written 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
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Advise you - the escrow company stays at an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

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.

Once you have the basics of the escrow process down, you can be a informed buyer.

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