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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
  • Don't let the unknown prevent you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at hanley@hanleyagency.com .

    First-Time Home Buying: How To Close on a Home

     Hanley Agency, Inc. can walk you through closing - 412-422-7900
    Let's talk about "escrow". An escrow agent is used to assure your place closes on time and the closing process goes smoothly. A house is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties when the transaction is taking place. PayPal is a good example of an escrow company.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being completed. This includes securing payments and certificates, signing required forms, and obtaining the release documents for any loans or liens that were paid off with the transaction, assuring you have a free title to your home before the agreed upon price is fully paid.

    Escrow holders compile the following 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 obtain the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    The escrow agent gets a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Meet 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 documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title search
    • Comply with the bank's standards as noted in the escrow agreement
    • Receive funds 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 have been finished
    • Disburse payments and finalize instructions
    • Offer advice - the escrow holder stays at an impartial, 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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