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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
  • Whether it's your first place or your next property, I'll walk you through the process. Contact me and I'll help you become a smart buyer.

    What is Escrow?

     NE TEXAS REALTY GROUP can walk you through closing - (903) 361-2733
    Escrow: When you're closing on your new house, an escrow holder is used to assure the transaction will close properly and on time. A house is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the exchange of money takes place. For example, in an online purchase, PayPal is the reliable third party that holds the buyer's cash, and then sends the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being completed.

    The certificates the escrow holder may secure include:

    You're ready to close when all parts are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The property's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

    The escrow agent receives a payment when the closing is complete. As your real estate professional, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents 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 Won't:

    • Advise you - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a 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 guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Give insight 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.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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