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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
  • Don't let the unknown prevent you from becoming a homeowner. I can help you understand the process. Call me at (940) 325-2006.

    What is Escrow?

     Ender & Associates Realty can walk you through closing - (940) 325-2006
    First, a little about "escrow". An escrow holder is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being finished.

    The pieces of paperwork the escrow agent may secure include:

    Upon finishing of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets dispersed as noted in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Comply with lender's standards as written in the escrow agreement
    • Accept payments 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 instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments 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 payments and finalize instructions
    • Offer advice - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling 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 quick run-down of the escrow process. Your specific process may be unique based on your lender and your escrow agent.

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