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Closing the Sale in Mineral Wells, Texas

 Ender & Associates Realty can walk you through closing - (940) 325-2006
Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the transaction goes smoothly. 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 example of an escrow company.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes getting payments and certificates, finishing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your house before the purchase price is fully paid.

Escrow holders collect the following documents:

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

Closing on the home happens when all of the procedures of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

When closing is in it's last step, you'll make a payment to the escrow company. I'll keep you updated on what comes next.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title inquiry
  • Comply with the bank's standards as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent has to remain an impartial, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title search
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow agent stays a neutral, third-party status
  • Dispense opinions about future tax estimations

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.

Once you have the ABCs of the escrow process down, you can be a better buyer.

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