Whether it's your first house or your next home, I'll walk you through the process. E-mail me at mike@premiereteam.com to get some free information.

Steps to Closing on a Property

 Premiere Team Real Estate can walk you through closing - 5127949914
Escrow: To complete the sale of a property, a neutral, third party (the escrow agent) is engaged to assure the transaction will close perfectly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web purchase, PayPal is the reliable third party that obtains the buyer's money, and then hands over the money to the seller.

Tying up any loose ends like receiving funds, completing forms, getting the documents for loans and liens, and assuring you get a spotless title to the house before your purchase gets finalized are all part of the job of the escrow agent.

These are the documents that escrow holders usually compile:

  • 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

You're ready to close when all parts are finished in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title research
  • Comply with lender's standards as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Perform a title search
  • Comply with lender's standards as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse payments and finalize instructions
  • Advise you - the escrow company stays at an impartial, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a quick run-down of the escrow process. Your specific methods will be slightly different based on your bank and your escrow agent.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details

Premiere Team Real Estate

Buy - Sell - Lease - Locate

13809 Research Blvd. ste 275
Austin, TX 78750