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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 house or your next place, I'll educate you through the process. Contact me.

    First-Time Home Buying: How To Close on a Property

     Ender & Associates Realty can walk you through closing - (940) 325-2006
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your house closes on time and the money exchanging part of closing goes smoothly. A home is said to be in escrow when in the closing process, payment 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 Internet transaction, PayPal is the neutral third party that obtains the buyer's money, and then sends the funds to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finalized. This includes securing funds and documents, signing required forms, and getting the release documents for any loans or liens that were paid with the transaction, assuring you have a clear title to your property before the purchase price is fully paid.

    Escrow holders want to acquire the following legal documents:

    Closing on the home takes place when the steps of the escrow are done. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title is given to you and title insurance is issued per the policies of your individual escrow agreement.

    The escrow agent receives a payment at the completion of closing. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • 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 documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet lender's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest 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 complete
    • Disburse funds and finish instructions
    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a easy to understand guide about the escrow process. Your particular methods might be unique depending on your lender and your escrow holder.

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