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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
  • The process of buying real estate for the first time can be confusing. Let me help you. E-mail me at cheryl@toptexasrealty.com to get some free information.

    Steps to Closing on a House

     Top Texas Realty can walk you through closing - (817) 744-8300
    Escrow: When you're closing on your new house, an escrow company is used to ensure the process will close correctly and in a timely manner. A place is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an Internet auction, PayPal is the neutral third party that obtains the buyer's money, and then disburses the money to the seller.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes receiving funds and certificates, completing required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your place before the final price is fully paid.

    Escrow companies compile the following legal documents:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

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

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title inquiry
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title search
    • Meet lender's guidelines as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Advise you - the escrow company stays a neutral, third-party status
    • Give insight 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.

    This is a simple outline of the escrow process. Your specific process may vary depending on your bank and your escrow holder.

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