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  • 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
  • Don't let real estate industry jargon scare you from becoming a homeowner. I can help you work your way through the process. Contact me.

    First-Time Home Buying: How To Close on a Property

     Top Texas Realty can walk you through closing - (817) 744-8300
    Let's talk about "escrow". To complete the sale of a place, a neutral, third party (the escrow company) is brought into the picture to assure the process will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

    Settling the last details like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the house in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    The certificates the escrow agent may collect include:

    You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Meet lender's requirements as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title research
    • Comply with the bank's standards as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions
    • Give advice - the escrow holder stays a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.

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