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What To Expect When You're Closing in Fort Worth

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Escrow: To close the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close appropriately and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.

These are the pieces of paperwork that escrow holders usually look to collect:

  • Terms of sale and any seller-assisted financing
  • 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

Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets handed over to you and title insurance begins per the steps of your particular escrow agreement.

When closing is done, you'll make a payment to the escrow holder. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title search
  • Comply with lender's guidelines as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 monies and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Perform a title search
  • Meet lender's guidelines as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finalize instructions
  • Advise you - the escrow agent stays at an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for on-going 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 individual methods could be different based on your lender and your escrow holder.

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