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What To Expect When You're Closing in Pittsburgh

 Hanley Agency, Inc. can walk you through closing - 412-422-7900
First, a little about "escrow". An escrow company is used to assure your property closes on time and the closing process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

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:
  • Assemble escrow instructions
  • Request title research
  • Comply with lender's standards as noted in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Advise you - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

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.

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