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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
  • Whether it's your first home or your next home, I'll walk you through the process. E-mail me at lynnrobin@lynnsellsaustin.com .

    What To Expect When You're Closing in Austin, Texas

     Engel & Volkers can walk you through closing - (512) 328-3939
    Escrow: When you're closing on your new home, an escrow holder is used to ensure the transaction will close correctly and in a timely manner. A property is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in an online purchase, PayPal is the secure third party that obtains the buyer's payment, and then sends the funds to the seller.

    Clearing the final hurdles like receiving funds, finishing forms, getting the documents for loans and liens, and assuring you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

    The certificates the escrow holder may obtain include:

    Closing on the home happens when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then secure the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow company. As your agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title inquiry
    • Meet lender's standards as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Meet lender's guidelines as outlined 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 have been met
    • Disburse payments and finish instructions
    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling 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 informed home buyer and future homeowner.

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