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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 prevent you from becoming a homeowner. I can help you work your way through the process. E-mail me at cheryl@toptexasrealty.com .

    Completing the Transaction

     Top Texas Realty can walk you through closing - (817) 744-8300
    Let's talk about "escrow". An escrow agent is brought on to assure your place closes on time and the process goes smoothly. A property is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's funds, and then sends the payment to the seller.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being finalized. This includes securing monies and paperwork, signing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your property before the negotiated price is fully paid.

    These are the documents that escrow companies usually compile:

    Closing on the home happens when the steps of the escrow are complete. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Comply with lender's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest 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 finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Comply with the bank's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies 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 pay recurring 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're familiar with the escrow process, you can be a better buyer.

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