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Closing the Sale in Grand Prairie

 Target Cost Realty, LLC can walk you through closing - (972) 504-8021
First, a little about "escrow". An escrow agent is used to assure your property closes on time and the transaction goes smoothly. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good example of an escrow company.

The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finalized. This includes getting monies and certificates, completing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

These are the legal documents that escrow companies usually look for:

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

Closing on the house happens when all of the procedures of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

The escrow holder gets a payment at the completion of closing. As your real estate professional, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title research
  • Meet lender's standards as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow agent has to remain an impartial, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title search
  • Comply with the bank's standards as written in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow company must maintain a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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Target Cost Realty, LLC

2634 South Carrier Parkway Suite 107
Grand Prairie, Texas 75052