What To Expect When You're Closing in Garland County

Escrow
To finish the sale of a place, a neutral, third party (the escrow agent) is employed to assure the transaction will close properly and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

Settling the last details like receiving funds, signing forms, getting the documents for loans and liens, and making sure you a spotless title to the home before your purchase gets finalized are all part of the job of the escrow holder.

	Purchasing a place for the first time can be confusing. We can help. Contact us and we'll make sure you're a well-informed buyer.

The documents the escrow company may collect include: Loan documents 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

Upon finishing of all portions of the escrow, closing can take place. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets transferred to you and title insurance is issued per the policies of your particular escrow process.

The escrow company gets a payment when the closing is complete. I'll keep you informed on the what comes next.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Petition title search Meet lender's requirements as outlined in the escrow agreement Receive funds from the buyer Prorate tax, interest, insurance and other fees according to instructions Record deeds and other documents as instructed Obtain title insurance policy Close escrow when all terms of agreement of seller and buyer have been finished Disburse funds and finish instructions		Give advice - the escrow company stays a neutral, third-party status Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay on-going fees 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 more confident home buyer and future homeowner.