Powell Abstract Company, Inc., can coordinate all aspects of your real property closings. Whether you’re a residential home buyer, a hard working farmer or a commercial property owner, we have the knowledge and years of experience to help you navigate through the closing process.
WHAT IS AN ESCROW CLOSING?
An escrow is a process wherein the Buyer and Seller provide written instructions, documents, and funds to a neutral third party until the conditions of their contract or agreement are met. In most modern real estate transactions, the Buyer does not pay the Seller directly for the property he is buying. The Buyer deposits the funds with an escrow agent who verifies that title to the property is clear in the name of the Seller and that all of the conditions of the contract have been met. The escrow agent then facilitates the transfer of the ownership of the property to the Buyer by obtaining and recording a deed from the Seller. In exchange for obtaining the deed from the Seller, the agent pays the Seller the funds held in escrow. This process protects all parties involved.
The State of Texas licenses and regulates all title and escrow companies. The State of Texas can inspect a company’s records at any time. This provides a great deal of oversight over the company’s management and maintains its position as an impartial third party to the transaction.
Powell Abstract provides licensed, professional escrow settlement services and can help facilitate your real estate transaction by:
- Acting as the impartial depository of documents and funds
- Processing and coordinating the flow of documents and funds
- Keeping all parties informed of progress toward closing
- Responding to the lender's requirements
- Securing a title insurance policy
- Obtaining approvals of documents and the closing statement from the parties and lender prior to closing
- Prorating taxes, rents, etc.
- Recording the deed and any loan documents
- Properly disbursing all of the funds collected during the closing process
Every buyer, every seller, and every lender needs an insured title and an insured escrow closing to protect their interests both in the short-term and the long-term. Teaming up with the right partners for closing and escrow settlement services is critical to ensuring your security at the closing table and throughout the entire real estate transaction.
Whether you’re a first-time home buyer or whether you’ve purchased hundreds of investment properties, let Powell Abstract Company, Inc., help navigate you safely through the real estate closing process.