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Closing the Sale in Pittsburgh

 Hanley Agency, Inc. can walk you through closing - 412-422-7900
First, a little about "escrow". When you're closing on your new house, an escrow company is used to ensure the transaction will close properly and in a certain amount of time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

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

The documents the escrow holder may collect 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

Closing on the property happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow instructions.

When closing is done, you'll submit a payment to the escrow company. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title inquiry
  • Meet the bank's standards as outlined in the escrow agreement
  • Intake funds 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 instructions of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow holder stays a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title research
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions
  • Advise you - the escrow agent stays at an impartial, 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. 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.

This is a quick run-down of the escrow process. Your individual plan will vary depending on your bank and your escrow company.

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