• 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
    Purchasing property for the first time can be overwhelming. Let me help you. Contact me and I'll help you become a empowered buyer.

    Completing the Transaction

     NE Texas Realty can walk you through closing - (903) 361-2733
    Let's talk about "escrow". When you're closing on your new home, an escrow company is used to make certain the transaction will close without problems and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes receiving payments and certificates, finishing required forms, and obtaining the release documents for any loans or liens that were paid off with the transaction, assuring you have a clear title to your house before the final price is fully paid.

    The records the escrow holder may obtain include:

      Closing on the property takes place when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The house's title goes to you and title insurance begins per the policies of your individual escrow process.

      The escrow company receives a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable way of paying.

      The Escrow Holder Will:

      • Prepare escrow instructions
      • Request title search
      • Meet lender's standards as noted in the escrow agreement
      • Receive funds from the buyer
      • Prorate interest, insurance, tax and other payments 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 are complete
      • Disburse payments and finalize instructions

      The Escrow Holder Won't:

      • Offer advice - the escrow agent stays at an impartial, third-party status
      • Dispense opinions about tax implications
      The Escrow Holder Will:
      The Escrow Holder Won't:
      • Prepare escrow instructions
      • Petition title search
      • Meet lender's guidelines as specified in the escrow agreement
      • Intake payments from the buyer
      • Prorate interest, insurance, tax and other payments according to guidelines
      • Record deeds and other documents as instructed
      • Request title insurance policy
      • Close escrow when all instructions of seller and buyer are complete
      • Disburse monies and finalize instructions
      • Advise you - the escrow holder has to remain an impartial, third-party status
      • Dispense opinions about future tax estimations

      Mortgage Escrow Account

      A Mortgage Escrow Account is started to make payments for recurring expenses while there is a loan on the 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.

      This is a simple outline of the escrow process. Your specific methods might be slightly different depending on your lender and your escrow holder.

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