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Completing the Transaction

 Ender & Associates Realty can walk you through closing - (940) 325-2006
Escrow: When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to insure the process will close without problems and in a specific time frame. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet auction, PayPal is the secure third party that obtains the buyer's cash, and then disburses the money to the seller.

Settling the last details like obtaining funds, signing forms, securing the documents for loans and liens, and assuring you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.

These are the documents that escrow holders usually look for:

  • 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

You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title is given to you and title insurance begins per the policies of your individual escrow agreement.

The escrow holder gets a payment when the closing is complete. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title research
  • Comply with the bank's standards as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow company must maintain a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title inquiry
  • Comply with the bank's standards as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Give advice - the escrow company has to remain an impartial, third-party status
  • Offer 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. 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're at ease with the escrow process, you can be a informed buyer.

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