Closing the Sale in Gatesville

 Kristi's Properties can walk you through closing - 254-220-5454
First, a little about "escrow". To close the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close perfectly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's money, and then disburses the funds to the seller.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being finished.

The certificates the escrow company may secure include:

    You're ready to close when all steps 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). Title to the house is then given to you as new homeowner and related title insurance is issued as noted in the escrow policy.

    When closing is finished, you'll submit a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title research
    • Meet lender's requirements as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must maintain a neutral, third-party status
    • Offer 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a simple outline of the escrow process. Your individual plan may vary based on your bank and your escrow holder.

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