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  • 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
  • Buying a home for the first time can be confusing. Let me help you. Contact me.

    What is Escrow?

     Hanley Agency, Inc. can walk you through closing - 412-422-7900
    Let's talk about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the process will close appropriately and on time. A property is said to be in escrow when in the closing transaction, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finished.

    The pieces of paperwork the escrow holder may collect include:

    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. The home's title goes to you and title insurance is issued per the policies of your particular escrow process.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Meet lender's standards as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company stays a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Comply with lender's standards as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse funds and finalize instructions
    • Give advice - the escrow company stays a neutral, third-party status
    • Give insight about the outcome of your taxes

    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.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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