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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 a house for the first time can be overwhelming. I can help. Contact me.

    Closing the Sale in Burleson, Texas

     Top Texas Realty can walk you through closing - (817) 744-8300
    First, a little about "escrow". An escrow holder is brought on to assure your home closes on time and the transaction goes smoothly. A home is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in an online purchase, PayPal is the neutral third party that obtains the buyer's money, and then disburses the funds to the seller.

    Settling the last details like receiving funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the property prior to your purchase gets finalized are all part of the job of the escrow agent.

    Escrow companies want to obtain the following legal documents:

    Closing on the home happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.

    When closing is finished, you'll make a payment to the escrow holder. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title inquiry
    • Comply with lender's standards as written in the escrow agreement
    • Intake funds 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 have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax 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
    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for on-going expenses 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.

    Once you have the ABCs of the escrow process down, you can be a more assured buyer.

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