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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 place or your next property, I'll walk you through the process. Contact me.

    What To Expect When You're Closing in Austin

     John Horton Realty can walk you through closing - 512-834-1600
    First, a little about "escrow". An escrow company is brought on to assure your property closes on time and the process goes smoothly. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

    Settling the last details like taking in funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

    Escrow agents want to acquire the following records:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Comply with lender's guidelines as noted in the escrow agreement
    • Intake payments 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 instructions of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title inquiry
    • Meet the bank's requirements as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions
    • Offer advice - the escrow company stays a neutral, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a easy to understand guide about the escrow process. Your individual process may be slightly different based on your lender and your escrow agent.

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