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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
  • Whether it's your first home or your next house, I'll walk you through the process. E-mail me at cheryl@toptexasrealty.com .

    Escrow 101

     Top Texas Realty can walk you through closing - (817) 744-8300
    Escrow: To close the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close properly and on time. A house is said to be in escrow when in the closing process, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a good example of an escrow company.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being completed.

    These are the legal forms that escrow companies usually look to collect:

    Closing on the home takes place when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then secure the title to the property and the title insurance gets issued as stated in the escrow instructions.

    When closing is completely finished, you'll make a payment to the escrow company. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Receive 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 terms of agreement of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent 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 guidelines
    • Request title research
    • Comply with lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork 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 agent stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for 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.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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