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Closing the Sale in Flower Mound
Escrow: An escrow agent is hired to assure your place closes on time and the process goes smoothly.
When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow.
PayPal is a good example of an escrow company.
The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being completed.
The records the escrow holder may obtain include:
- 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
- Terms of sale and any seller-assisted financing
Closing on the property takes place when all of the procedures of the escrow are complete.
All expenses like title insurance, inspections and real estate commissions are paid.
The property's title gets handed over to you and title insurance begins per the policies of your particular escrow process.
The escrow agent 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:
The Escrow Holder Won't:
- Assemble escrow instructions
- Perform a title search
- Comply with the bank's standards as noted in the escrow agreement
- Receive funds 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 payments and finalize instructions
- Tell you what's best - the escrow company must maintain a neutral, third-party status
- Offer opinions about tax implications
Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house.
Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Once you're comfortable with the escrow process, you can be a informed buyer.