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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
  • Don't let the unknown scare you from becoming a homeowner. I can help you understand the process. E-mail me at rodney@mytxproperties.com .

    What To Expect When You're Closing in San Antonio, Texas

     Barrientos Properties can walk you through closing - 210.826.4088
    Let's talk about "escrow". When you're closing on your new property, an escrow holder is used to guarantee the transaction will close properly and in a certain amount of time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's payment, and then hands over the funds to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being completed.

    Escrow companies want to acquire the following legal documents:

    Closing on the property happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as buyer and appropriate title insurance is issued as outlined in the escrow policy.

    The escrow company gets a payment at the completion of closing. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title research
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Offer advice - the escrow agent stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay rolling expenses 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 smarter home buyer and future homeowner.

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