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:
* 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.
* 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.