Buying a home for the first time can be confusing. Let me help you. Call me at (972) 504-8021 and I'll give all the info you'll need to move forward.

Steps to Closing on a Property

 Target Cost Realty, LLC can walk you through closing - (972) 504-8021
Let's talk about "escrow". When you're closing on your new house, an escrow holder is used to ensure the transaction will close appropriately and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finished.

These are the documents that escrow holders usually look to collect:

  • 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
  • Loan documents
  • Tax statements

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The property's title is given to you and title insurance is issued per the policies of your particular escrow agreement.

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

The Escrow Holder Won't:

  • Advise you - the escrow company stays at an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title research
  • Meet the bank's requirements as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions
  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you have the basics of the escrow process down, you can be a better buyer.

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Target Cost Realty, LLC

2634 South Carrier Parkway Suite 107
Grand Prairie, Texas 75052