Real Estate Term - Escrow
Feb 24, 2010
Each party of a transaction (such as a Fredericksburg Texas home purchase) has a responsibility to complete several actions:
The buyer (either themselves or through a mortgage) must deposit the funds for the purchase price as well as various closing costs. He/she must also provide any documents such as inspection reports, lien information and insurance policies.
The seller provides documents as required by the lender such as an inspection report and a title insurance policy.
As a limited agent for both parties, the title company facilitates the exchange process, saves time and helps ensure the transaction will close. The title company charges escrow fees based on the sold price of the property, the amount of the loan and other required services. Upon closing, the title company takes the documents to be recorded and disburses funds according to instructions established by the buyer and seller.
As an experienced REALTOR in the Texas Hill Country area, I can expertly guide you in your quest for a Fredericksburg Texas home. Make a visit soon and I will be glad to show you the best of our market and answer (or find the answer) to your Fredericksburg TX real estate questions. Feel free to call me at (830) 456-6243 or email (JavaScript must be enabled to view this email address).
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