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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 property or your next property, I'll educate you through the process. Contact me.

    The Property is Almost Yours

     Hoffer Realty Associates can walk you through closing - (814) 371-2100
    Escrow: An escrow agent is brought on to assure your home closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a simple way to think of an escrow company.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finished. This includes getting monies and certificates, completing required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your house before the purchase price is fully paid.

    Escrow companies collect the following forms:

    Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets issued as stated in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title inquiry
    • Comply with the bank's guidelines as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title research
    • Comply with lender's standards as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest 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 finalize instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Give insight 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.

    This is a easy to understand guide about the escrow process. Your individual methods could be different based on your bank and your escrow holder.