Don't let inexperience with the real estate industry scare you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

Buying Your Next Home: 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 property, an escrow company is used to make sure the transaction will close correctly and in a timely manner. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a simple way to think of 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 finished.

Escrow agents collect 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 property happens 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. The property's title gets transferred to you and title insurance begins per the steps of your individual escrow agreement.

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:

  • Prepare escrow guidelines
  • Petition title search
  • Comply with lender's guidelines as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow company must stay at a fair, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title research
  • Meet lender's requirements as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow agent stays a neutral, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you're familiar with the escrow process, you can be a informed buyer.

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Target Cost Realty, LLC

2634 South Carrier Parkway Suite 107
Grand Prairie, Texas 75052