Whether it's your first property or your next home, I'll advise you through the process. Call me at (940) 325-2006.

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

 Ender & Associates Realty can walk you through closing - (940) 325-2006
Escrow: To finish the sale of a place, a neutral, third party (the escrow company) is engaged to assure the transaction will close correctly and on time. A home is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the transaction is taking place. For example, in an online auction, PayPal is the neutral third party that holds the buyer's funds, and then disburses the funds to the seller.

The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finalized. This includes getting funds and documents, completing required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your place before the final price is fully paid.

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

  • 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

Upon finishing of all portions of the escrow, closing can take place. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as buyer and correct title insurance is issued as outlined in the escrow instructions.

When closing is finished, you'll submit a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title research
  • Meet the bank's guidelines as noted 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 payments and finish instructions

The Escrow Holder Will Not:

  • Give advice - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Perform a title research
  • Comply with lender's requirements as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow agent has to remain an impartial, 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a quick run-down of the escrow process. Your particular methods will be slightly different based on your lender 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