Whether it's your first home or your next property, I'll help you through the process. E-mail me at ikay@Targetcosthomes.com to get some free information.

Completing the Transaction

 Target Cost Realty, LLC can walk you through closing - (972) 504-8021
Let's talk about "escrow". To close the sale of a place, a neutral, third party (the escrow company) is brought into the picture to assure the process will close correctly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.

Escrow companies look for the following legal documents:

  • Terms of sale and any seller-assisted financing
  • 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

Closing on the house takes place when all of the procedures of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the home and the title insurance gets issued as outlined in the escrow instructions.

At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Request title search
  • Comply with the bank's requirements as outlined in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Give advice - the escrow agent must stay at a fair, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Request title search
  • Meet lender's guidelines as specified in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse funds and finalize instructions
  • Offer advice - the escrow agent stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

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

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Target Cost Realty, LLC

2634 South Carrier Parkway Suite 107
Grand Prairie, Texas 75052