The escrow holder ensures that all terms and conditions of the seller's and buyer's agreements are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction. This assures you clear title to your property before the purchase price is fully paid.

The documentation the escrow holder may be collecting includes:

   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

Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the buyer and appropriate title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent with Prudential in the Winston Salem, Clemmons, Lewisville, Buena Vista, Advance, Pfafftown, Bermuda Run, N.C. area I'll inform you of the acceptable form.

The Escrow Holder Will:

The Escrow Holder Won't:

Prepare escrow instructions      Request title search      Comply with lender's requirements as        specified in the escrow agreement       Receive funds from the buyer       Prorate insurance, tax, interest and        other payments according to        instructions      Record deeds and other documents as        instructed      Request title insurance policy      Close escrow when all instructions of        seller and buyer have been met      Disburse funds and finalize instructions

Give advice - the escrow holder must       maintain neutral, third-party status       Offer opinions about tax implications

  Mortgage Escrow Account