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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
  • Whether it's your first home or your next place, I'll help you through the process. Contact me and I'll help you become a confident buyer.

    Closing the Sale in DuBois

     Hoffer Realty Associates can walk you through closing - (814) 371-2100
    Let's talk about "escrow". An escrow holder is used to assure your place closes on time and the transaction goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An easy way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes getting monies and documents, completing required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your house before the asking price is fully paid.

    The certificates the escrow company may collect include:

    Closing on the house happens when all of the procedures of the escrow are complete. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and correct title insurance is issued as noted in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title search
    • Comply with 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
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow holder stays at an impartial, 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. 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 being in escrow. And, you can be a more confident home buyer and future homeowner.