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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
  • Purchasing property for the first time can be confusing. I can help. Call me at 940-483-1090 and I'll give you more information.

    What is Escrow?

     Century 21 Judge Fite Company can walk you through closing - 940-483-1090
    Escrow: To finalize the sale of a home, a neutral, third party (the escrow company) is engaged to assure the process will close correctly and on time. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the exchange of money takes place. An everyday way to understand what an escrow company does is to compare it to PayPal for online purchases.

    Clearing the final hurdles like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow company.

    The records the escrow company may collect include:

    Closing on the home happens when all of the procedures of the escrow are finished. All debts and fees are collected and paid off 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 correct title insurance is issued as noted in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow agent. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Comply with the bank's requirements as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title search
    • Comply with the bank's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a quick run-down of the escrow process. Your specific process may vary depending on your lender and your escrow company.