Escrow and Closing Cost Basics

Escrow and ClosingWhen you want to buy our sale your home, you may be surprised about how many escrow fees there are and how complex the process is.   Closing process is designed to make sure everything during a purchase and sale agreement is performed legally per the contract.    Closing process will also assure that everything is done and there are no surprises when the title is being transferred.

Many times buyers and sellers in Burnet Texas real estate market are surprised and have concerns about all the escrow and closing cost.  Escrow and closing cost refer to expenses that occur during the process of transfer of title, obtaining a mortgage and inspecting the property.

Closing Cost

  • Title Insurance Premium
  • Realtor Commissions
  • Transfer Charges
  • Assumption Charges
  • Recording Fees
  • Loan Fees
  • Tax Proration’s
  • Insurance
  • Pest Inspections
  • Surveying the Property
  • Home Warranty
  • Home Inspection
  • Appraisals
  • Option Fees
  • Escrow Money – Money held in trust account to insure both parties have “skin in the game”, so to speak.

Escrow Cost

I have heard many complaints about closing cost, but it is necessary to insure that safety of the home buying process.    Laws now stipulate that Title Company give you an estimated closing statement.   When you buy or sale a home, I suggest you review this so you understand what you are paying for and what you are getting.

Finally, you may hear someone refer to the “closing of escrow.” That’s when your purchase is completed. A closing or “escrow officer” will oversee the final paperwork and handle the exchange of funds and recording of deeds. This person, sometimes an attorney, will ensure that all the money is properly disbursed, that the documents are signed and recorded, and that all necessary conditions are met before closing the escrow.

If you have any questions regarding the escrow and closing process in Burnet County Texas real estate market, please contact me.

 



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