Closing the Sale in Pittsburgh
Settling the last details like taking in funds, completing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow agent.
These are the legal forms that escrow holders usually compile:
Closing on the home takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The house's title is given to you and title insurance is issued per the policies of your individual escrow process.
The escrow holder gets a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable way of paying.
The Escrow Holder Will:
- Write escrow instructions
- Request title research
- Comply with the bank's requirements as outlined in the escrow agreement
- Intake payments from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other documents as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are met
- Disburse funds and finalize instructions
The Escrow Holder Won't:
- Give advice - the escrow company stays at an impartial, third-party status
- Dispense opinions about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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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 better buyer.
