Home Property Search Appraisals Insurance Property Management Contact Us
Whether it's your first home or your next place, I'll help you through the process. E-mail me at hanleyappraisals@hotmail.com .

What To Expect When You're Closing in Pittsburgh, Pennsylvania

 Hanley Agency, Inc. can walk you through closing - 412-422-7900
First, a little about "escrow". To close the sale of a place, a neutral, third party (the escrow agent) is employed to assure the process will close appropriately and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. A simple way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes getting monies and records, finishing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your house before the purchase price is fully paid.

These are the documents that escrow agents usually compile:

  • 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

Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then transferred to you as new homeowner and related title insurance is issued as outlined in the escrow policy.

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

The Escrow Holder Will:

  • Assemble escrow instructions
  • Request title search
  • Meet the bank's requirements 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 documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow agent has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Perform a title search
  • Comply with the bank's requirements as noted in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Advise you - the escrow company 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a easy to understand guide about the escrow process. Your particular plan could be different based on your lender and your escrow holder.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details