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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 home or your next home, I'll advise you through the process. E-mail me at dfwskylinerealty@gmail.com to get some free information.

    First-Time Home Buying: How To Close on a House

     DFW Skyline Realty can walk you through closing - (682) 667-5556
    Escrow: An escrow company is hired to assure your home closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing process, funds 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 an online purchase, PayPal is the reliable third party that obtains the buyer's money, and then disburses the payment to the seller.

    Settling the last details like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The documents the escrow holder may collect include:

    You're ready to close when all parts are done in escrow process. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance is issued per the steps of your particular escrow agreement.

    The escrow company gets a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Comply with the bank's standards as noted 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 instructions of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title inquiry
    • Comply with the bank's standards as noted in the escrow agreement
    • Receive 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 instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow holder stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 process may vary depending on your lender and your escrow company.

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