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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
  • Buying property for the first time can be confusing. I can help. Call me at (940) 325-2006 and I'll give you more information.

    The House is Almost Yours

     Ender & Associates Realty can walk you through closing - (940) 325-2006
    Escrow: An escrow holder is hired to assure your place closes on time and the money exchanging part of closing goes smoothly. A property is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

    Clearing the final hurdles like obtaining funds, completing forms, securing the documents for loans and liens, and making sure you get a clear title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    These are the legal documents that escrow agents usually look for:

    Closing on the property takes place 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. Title to the property is then transferred to you as new owner and correct title insurance is issued as outlined in the escrow policy.

    When closing is in it's last step, you'll pay the fees to the escrow holder. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept funds 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 are met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title search
    • Meet lender's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you have the rules of the escrow process down, you can be a informed buyer.

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