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

I'll Champion for You Through Closing

 DFW Skyline Realty can walk you through closing - (682) 667-5556
Escrow: When you're closing on your new place, an escrow agent is used to make sure the process will close appropriately and on time. A house is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's money, and then disburses the funds to the seller.

Settling the last details like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the home before your purchase gets finalized are all parts of closing in which an escrow holder is useful.

Escrow agents collect the following pieces of paperwork:

  • 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

You're ready to close when each step of the finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title is given to you and title insurance begins per the steps of your individual escrow process.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title search
  • Comply with the bank's standards as outlined 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
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Give advice - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Meet the bank's standards as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow agent has to remain an impartial, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a simple outline of the escrow process. Your particular methods may be unique based on your bank and your escrow holder.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question