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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
  • Whether it's your first house or your next house, I'll help you through the process. Contact me and I'll help you become a well-informed buyer.

    Closing the Sale in Pittsburgh

     Hanley Agency, Inc. can walk you through closing - 412-422-7900
    Let's talk about "escrow". To finalize the sale of a home, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that holds the buyer's money, and then sends the payment to the seller.

    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
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title search
    • Comply with lender's standards as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Give advice - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations

    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.

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