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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
  • The process of buying property for the first time can be overwhelming. I can help. E-mail me at hanley@hanleyagency.com .

    The Property is Almost Yours

     Hanley Agency, Inc. can walk you through closing - 412-422-7900
    Let's talk about "escrow". To finalize the sale of a place, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close correctly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web auction, PayPal is the reliable third party that holds the buyer's funds, and then hands over the funds to the seller.

    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.

    Escrow companies want to obtain the following legal documents:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

    When closing is done, you'll make a payment to the escrow holder. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title inquiry
    • Meet the bank's guidelines as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company must stay at a fair, 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 the bank's standards as written in the escrow agreement
    • Receive funds 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 finish instructions
    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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