Whether it's your first property or your next house, I'll educate you through the process. E-mail me at dfwskylinerealty@gmail.com to get some free information.

Closing the Sale in Fort Worth, Texas

 DFW Skyline Realty can walk you through closing - (682) 667-5556
First, a little about "escrow". When you're closing on your new home, an escrow holder is used to ensure the process will close without problems and in a timely manner. A home is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties when the transaction is taking place. 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 company makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finalized.

The documents the escrow agent may obtain include:

  • 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 each step of the complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The home's title is given to you and title insurance begins per the steps of your particular escrow agreement.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title inquiry
  • Meet 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 paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Give advice - the escrow company stays a neutral, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title research
  • Meet the bank's requirements as specified in the escrow agreement
  • Intake 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 are complete
  • Disburse monies and finalize instructions
  • Give advice - the escrow company must maintain a neutral, third-party status
  • Give insight about the outcome of your taxes

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.

Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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