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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
  • The process of buying property for the first time can be overwhelming. I can help. E-mail me at mark.hoffer@verizon.net .

    Steps to Closing on a House

     Hoffer Realty Associates can walk you through closing - (814) 371-2100
    Escrow: An escrow company is brought on to assure your house closes on time and the transaction goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

    Settling the last details like obtaining funds, signing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the house prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the records that escrow holders usually compile:

    You're ready to close when all parts are finished in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Accept 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 finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Give advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about tax implications

    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.

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