Your contract is receipted ~ What happens next in Texas?

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.750.6899

In Texas when you make a real estate purchase the transaction is usually closed at a Title Company.  Once you have a contract signed by both seller and buyer the earnest money is receipted by the title company and the option money receipted by the seller's real estate agent or the seller.

It's a simple process because the title company holds all funds collected and distributes all funds due.  There is a method to this madness and Alamo Title has a wonderful form they distribute to all parties when they email out the receipted contract.  This form is a great overview that many consider helpful in logically following the process from beginning to end. It's always nice to have a map to follow along the way!

Required at Closing:

Buyer:
* Your escrow officer will need the name and phone number of your lender and homeowner' insurance agent.
* We encourage wire transfers from the purchaser and will be happy to wire out proceeds to the seller. The total amount due will be available prior to closing.
* Bring your drivers license or valid U.S. government picture ID to the closing for identification purposes.

Seller:
* Please provide your escrow officer or realtor with the name and phone number of your current mortgage lien holder and your loan number for payoff purposes.



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Tags:
earnest money
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78726
nw austin tx

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Rainmaker
3,918,150
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Valerie,

It is interesting how in every state we experience different closing policies.

Apr 11, 2011 01:00 AM #2
Rainmaker
2,342,977
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Excellent list for your Texas clients Dorie.  This would be good information to put on your outside website.

Apr 11, 2011 02:00 AM #3
Rainer
261,098
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

Very nice presentation of this process of the transaction!  Equally as nice, having a contract to start this process, a happy buyer, seller and new journey for each to take as they make the move. 

Apr 11, 2011 02:08 AM #4
Rainmaker
3,364,030
Richard Weeks
Dallas, TX
REALTOR®, Broker

Looks like some great information to share with the parties to the contract.

Apr 11, 2011 02:30 AM #5
Rainmaker
4,312,939
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dorie, this is a wonderful, concise map of what the buyer can expect in a transaction!    I agree, great information to put on a personal web site!

Apr 11, 2011 02:56 AM #6
Rainer
37,255
Christine Reams
Austin Title Company (512) 459-7222 - Austin, TX

Dorie that is a great blog post! I especially love the diagram and notes for closing. Thanks for sharing the Alamo logo!

Apr 13, 2011 08:45 AM #7
Rainmaker
1,068,262
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Dorie, your closing chart is a great tool.  I also love the "Holding of Documents" chart!

Apr 14, 2011 04:18 AM #8
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Rainmaker
3,918,150

Dorie Dillard CRS GRI ABR

Serving Buyers & Sellers in NW Austin Real Estate
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