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I'll Champion for You Through Closing

 Target Cost Realty, LLC can walk you through closing - (972) 504-8021
Let's talk about "escrow". An escrow agent is hired to assure your property closes on time and the process goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to think of what an escrow company does is to think of the use of PayPal for online purchases.

The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes securing monies and paperwork, signing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your home before the negotiated price is fully paid.

The pieces of paperwork the escrow holder may secure include:

  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents

You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Write escrow guidelines
  • Request title inquiry
  • Meet the bank's standards as written in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow company stays a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title research
  • Meet the bank's standards as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

This is a quick run-down of the escrow process. Your individual process will vary depending on your bank and your escrow agent.

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