10 Things Houston First Time Home Buyers Should Know About The Escrow Agent
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Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
Today we are touching on the subject of escrow agent, sometimes called an escrow officer and what they do. As a Houston First Time Home Buyer, if you are in the process of buying your home or planning to get the process started, you will come in contact with an escrow agent.
An escrow agent is basically a neutral third party that ensures that the parties within the real estate transaction fulfill their agreed-upon obligations before funds are disbursed. Here are 10 duties an escrow agent
Prepares settlement statements and disclosures.
A neutral third party that communicate to all parties in the transaction.
Request title commitment.
Request beneficiary’s statement.
Disburse funds as authorized by instructions.
Complies with the lender’s requirements.
Receive funds from the buyer, lender and the seller.
Secures the deed and other documents related to closing the transaction.
Prorates taxes and interest according to the contract and closing instructions.
Records deed, deed of trusts and any other documents.
Understanding the role of an escrow officer is just one piece of the puzzle when buying a home. Their role in the process is of utmost importance in real estate transactions. As you can see, escrow agent provides a layer of protection, ensuring that the interests of all parties are safeguarded.
Although these duties are included but not limited to the escrow agent’s position, by understanding the responsibilities of an escrow officer both you and your Realtor, can navigate the real estate process with confidence and peace of mind.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
