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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
  • Don't let the unknown scare you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at julie@julie-cares.com to get some free information.

    Completing the Transaction

     Homes With Heart, Inc. can walk you through closing - 512-789-7541
    Let's talk about "escrow". When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to assure the transaction will close without problems and in a specific time frame. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web purchase, PayPal is the reliable third party that holds the buyer's payment, and then sends the funds to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being completed.

    Escrow holders want to obtain the following records:

    Closing on the home happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new homeowner and related title insurance is issued as noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title search
    • Meet the bank's requirements as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • 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 payments and finalize instructions
    • Give advice - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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