What To Expect When You're Closing in Pittsburgh
The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finalized.
These are the records that escrow agents usually look to collect:
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
- Fire and other insurance policies
- Title insurance policies
- Terms of sale and any seller-assisted financing
Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new owner and related title insurance is issued as noted in the escrow instructions.
When closing is in it's last step, you'll submit a payment to the escrow holder. I'll keep you updated on the procedure.
The Escrow Holder Will:
- Prepare escrow instructions
- Petition title search
- Comply with lender's standards as written in the escrow agreement
- Receive payments from the buyer
- Prorate insurance, tax, interest and other payments 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 complete
- Disburse funds and finish instructions
The Escrow Holder Will Not:
- Offer advice - the escrow company stays a neutral, third-party status
- Offer opinions about the outcome of your taxes
|
The Escrow Holder Will:
|
The Escrow Holder Won't:
|
|
|
|
Mortgage Escrow Account
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're comfortable with the escrow process, you can be a informed buyer.
