Closing the Sale in Pittsburgh
The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.
The documents the escrow holder may collect include:
- Loan documents
- 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
Closing on the property happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow instructions.
When closing is done, you'll submit a payment to the escrow company. I'll keep you up-to-date on the next steps.
The Escrow Holder Will:
- Write escrow guidelines
- Perform a title inquiry
- Meet the bank's standards as outlined in the escrow agreement
- Intake funds 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 met
- Disburse payments and finalize instructions
The Escrow Holder Won't:
- Advise you - the escrow holder stays a neutral, third-party status
- Give insight about future tax estimations
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a quick run-down of the escrow process. Your individual plan will vary depending on your bank and your escrow company.
