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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 a home for the first time can be overwhelming. Let me help you. E-mail me at julie@julie-cares.com .

    The Home is Almost Yours

     Homes With Heart, Inc. can walk you through closing - 512-789-7541
    Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow agent) is employed to assure the transaction will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being completed. This includes receiving payments and documents, finishing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your house before the final price is fully paid.

    Escrow agents look for the following pieces of paperwork:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title is given to you and title insurance begins per the policies of your individual escrow process.

    The escrow holder receives a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title research
    • Meet lender's standards as specified 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 complete
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title search
    • Comply with the bank's requirements 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 paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions
    • Advise you - the escrow company must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for recurring expenses 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.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.