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I'll Champion for You Through Closing

 TransCommunity Settlement Group, LLC can walk you through closing - 8048375626
First, a little about "escrow". An escrow company is used to assure your home closes on time and the transaction goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the secure third party that obtains the buyer's money, and then sends the payment to the seller.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finished. This includes receiving payments and certificates, filling out 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 house before the purchase price is fully paid.

Escrow holders collect the following records:

  • 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
  • Fire and other insurance policies

Closing on the property takes place when the steps of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the property is then transferred to you as now current homeowner and correct title insurance is issued as outlined in the escrow instructions.

The escrow holder gets a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title research
  • Comply with lender's standards as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title inquiry
  • Meet the bank'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 legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finalize instructions
  • Offer advice - the escrow agent must maintain a neutral, third-party status
  • Dispense opinions about future tax estimations

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 better informed home buyer and future homeowner.

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TransCommunity Settlement Group, LLC

6646 Liberty Hall Rd
Quinton, VA 23141