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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
  • Buying real estate for the first time can be intimidating. Let me help you. Contact me.

    What is Escrow?

     Homes With Heart, Inc. can walk you through closing - 512-789-7541
    First, a little about "escrow". An escrow company is brought on to assure your house closes on time and the money exchanging part of closing goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a simple way to think of an escrow company.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes receiving payments and certificates, completing required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your property before the agreed upon price is fully paid.

    The pieces of paperwork the escrow agent may obtain include:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as now current homeowner and related title insurance is issued as noted in the escrow instructions.

    The escrow holder receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept payments 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 have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title inquiry
    • Meet the bank's standards as noted in the escrow agreement
    • Intake 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 payments and finish instructions
    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're comfortable with the escrow process, you can be a informed buyer.