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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
  • Buying property for the first time can be intimidating. I can help. Call me at (814) 371-2100 and I'll give help you obtain the property you want.

    Escrow 101

     Hoffer Realty Associates can walk you through closing - (814) 371-2100
    Let's talk about "escrow". An escrow holder is brought on to assure your home closes on time and the process goes smoothly. A property is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties when the transaction is taking place. PayPal is a simple way to think of an escrow company.

    Tying up any loose ends like receiving funds, finishing forms, securing the documents for loans and liens, and making sure you get a clear title to the property prior to your purchase gets finalized are all part of the job of the escrow company.

    The records the escrow holder may secure include:

    Closing on the house takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the house and the title insurance gets dispersed as agreed upon in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title search
    • Meet the bank's guidelines as written in the escrow agreement
    • Accept payments 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 terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title inquiry
    • Meet lender's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling expenses while there is a loan on the 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.

    Once you have the rules of the escrow process down, you can be a more assured buyer.