Steps to Closing on a House

Escrow
An escrow agent is hired to assure your property closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finished.

	Don't let real estate industry jargon prevent you from becoming a homeowner. We can help you become knowledgeable about the process. Call us at 409.744.9700.

The pieces of paperwork the escrow agent may collect include: 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 Loan documents Tax statements

Closing on the home happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The home's title is given to you and title insurance is issued per the steps of your individual escrow process.

When closing is completed, you'll pay the fees to the escrow company. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Petition title inquiry Meet lender's standards as written in the escrow agreement Intake payments 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 instructions of seller and buyer have been finished Disburse monies and finish instructions		Advise you - the escrow holder must stay at a fair, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay recurring expenses while there is a loan on the 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.

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