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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 real estate industry jargon scare you from becoming a homeowner. I can help you understand the process. Call me at 412-422-7900.

    What To Expect When You're Closing in Pittsburgh

     Hanley Agency, Inc. can walk you through closing - 412-422-7900
    Escrow: An escrow agent is used to assure your place closes on time and the process goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

    Settling the last details like receiving funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    Escrow companies want to obtain the following forms:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the house and the title insurance gets dispersed as agreed upon in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title research
    • Meet the bank's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow agent must stay at a fair, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're familiar with the escrow process, you can be a confident buyer.

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