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

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I'll Champion for You Through 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 place, an escrow company is used to ensure the transaction will close correctly and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

Settling the last details like taking in funds, completing forms, securing the documents for loans and liens, and making sure you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow agent.

The pieces of paperwork the escrow agent may secure include:

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

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.

The escrow holder gets a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

Assemble escrow instructions
Request title search
Meet lender's guidelines 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 documents as instructed
Obtain title insurance policy
Close escrow when all instructions of seller and buyer are met
Disburse payments and finish instructions

The Escrow Holder Will Not:

Offer advice - the escrow holder stays at an impartial, third-party status
Offer opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Request title search Meet the bank's standards as specified in the escrow agreement Accept payments from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer have been finished Disburse funds and finish instructions		Give advice - the escrow agent stays at an impartial, third-party status Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay on-going expenses 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.

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

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