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

Whether it's your first property or your next home, I'll advise you through the process. E-mail me at ikay@Targetcosthomes.com to get some free information.

Escrow 101

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

Let's talk about "escrow". When you're closing on your new property, an escrow company is used to make sure the transaction will close appropriately and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being finished.

The certificates the escrow agent may obtain include:

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

You're ready to close when each step of the finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you informed on the procedure.

The Escrow Holder Will:

Write escrow guidelines
Perform a title search
Meet the bank's requirements as outlined 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
Request title insurance policy
Close escrow when all instructions of seller and buyer have been finished
Disburse payments and finalize instructions

The Escrow Holder Will Not:

Tell you what's best - the escrow agent must stay at a fair, third-party status
Give insight about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow guidelines Perform a title inquiry Comply with lender's standards as noted in the escrow agreement Receive funds from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer have been finished Disburse monies and finish instructions		Tell you what's best - the escrow agent must stay at a fair, third-party status Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for rolling fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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