Whether it's your first property or your next home, I'll educate you through the process. Contact me and I'll help you become a confident buyer.

What To Expect When You're Closing in Mineral Wells, Texas

 Ender & Associates Realty can walk you through closing - (940) 325-2006
Escrow: To complete the sale of a house, a neutral, third party (the escrow company) is employed to assure the transaction will close properly and on time. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties when the transaction is taking place. For example, in an online purchase, PayPal is the reliable third party that holds the buyer's funds, 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 finished. This includes getting payments and documents, filling out required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your home before the purchase price is fully paid.

These are the documents that escrow holders usually look for:

  • 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
  • Loan documents

Closing on the property takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

When closing is completed, you'll pay the fees to the escrow agent. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title inquiry
  • Meet lender's guidelines as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - 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:
  • Write escrow instructions
  • Petition title research
  • Comply with lender's guidelines as specified in the escrow agreement
  • Accept 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 instructions of seller and buyer are met
  • Disburse payments and finalize instructions
  • Advise you - the escrow company must maintain a neutral, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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