Don't let the unknown scare you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

I'll Champion for You Through Closing

 Ender & Associates Realty can walk you through closing - (940) 325-2006
Escrow: When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the transaction will close properly and in a timely manner. When funds are 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.

The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being finished.

The pieces of paperwork the escrow company may obtain include:

  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies

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. Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.

When closing is in it's last step, you'll submit a payment to the escrow agent. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title research
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Give 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:
  • Write escrow guidelines
  • Request title inquiry
  • Comply with lender's standards as specified in the escrow agreement
  • Accept payments 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 have been met
  • Disburse funds and finish instructions
  • Give advice - the escrow holder has to remain an impartial, third-party status
  • Give insight about tax implications

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.

This is a easy to understand guide about the escrow process. Your particular process will be different depending on your bank and your escrow company.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question