Closing Your Sale in the Upstate of South Carolina

 Golden Corner Realty & Dev. Inc. can walk you through closing - (864) 885-1445

Escrow
When you're closing on your new property, an escrow company is used to assure the transaction will close properly and in a specific time frame. A house is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. An easy way to understand what an escrow company does is to think of the use of PayPal for online purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.

Choosing to buy a place for the first time can be intimidating. Let us help you. Call us at (864) 885-1445.


These are the records that escrow holders usually look to collect:

  • 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
  • Terms of sale and any seller-assisted financing

Closing on the property takes place when the steps of the escrow are done. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

When closing is completely finished, you'll submit a payment to the escrow holder. As your real estate agent, we'll inform you of the acceptable way of paying.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title research
  • Comply with the bank's guidelines as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Give advice - the escrow company must stay at a fair, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 more informed home buyer and future homeowner.