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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
  • Buying a house for the first time can be overwhelming. Let me help you. Contact me.

    I'll Champion for You Through Closing

     Century 21 Judge Fite Company can walk you through closing - 940-483-1090
    Escrow: An escrow company is brought on to assure your house closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

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

    Escrow companies compile the following forms:

    Closing on the property takes place when all of the procedures of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The property's title gets transferred to you and title insurance is issued per the steps of your particular escrow process.

    At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Comply with the bank's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Meet the bank's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal 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
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Dispense opinions 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. 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 smarter home buyer and future homeowner.