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

Escrow
To finish the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the secure third party that holds the buyer's money, and then disburses 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 completed in preparation of the sale being finished.

	Don't let real estate industry jargon prevent you from becoming a homeowner. We can help you work your way through the process. E-mail us at Noslen77@swbell.net to get some free information.

Escrow companies compile the following legal 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 Loan documents

Closing on the house happens when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The home's title gets handed over to you and title insurance is issued per the steps of your individual escrow process.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Request title research Comply with lender's guidelines as noted in the escrow agreement Receive 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 finished Disburse monies and finalize instructions		Tell you what's best - the escrow company stays at an impartial, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.