10 Things Houston First Time Home Buyers Should Know About The Escrow Agent
Hi there, thank you so much for stopping by. My name is Diana. 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 a financial 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 sometimes 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. the role of an escrow officer 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. Please let us know if you have any question. As always, we thank you for stopping by. Until next time…Diana
Image used with permission
