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

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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