What Are Escrow Fees? - (972) 504-8021

Whether it's your first place or your next property, I'll educate you through the process. Call me at (972) 504-8021 and I'll give you more information.

First-Time Home Buying: Closing

Target Cost Realty, LLC can walk you through closing - (972) 504-8021

First, a little about "escrow". When you're closing on your new house, an escrow holder is used to make certain the transaction will close properly and in a specific time frame. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good way to picture an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finalized.

Escrow holders compile the following forms:

Loan documents
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

You're ready to close when each step of the complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance is issued per the steps of your individual escrow agreement.

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

The Escrow Holder Will:

Write escrow instructions
Perform a title search
Meet lender's guidelines as written in the escrow agreement
Accept payments 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 funds and finish instructions

The Escrow Holder Will Not:

Advise you - the escrow holder must stay at a fair, third-party status
Dispense opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Perform a title inquiry Comply with the bank's guidelines as noted in the escrow agreement Accept funds from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer have been met Disburse payments and finalize instructions		Tell you what's best - the escrow agent stays at an impartial, third-party status Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your specific plan could vary based on your lender and your escrow holder.

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