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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 place or your next house, I'll help you through the process. Call me at (814) 371-2100.

    Steps to Closing on a Property

     Hoffer Realty Associates can walk you through closing - (814) 371-2100
    Escrow: When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the transaction will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.

    Clearing the final hurdles like taking in funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    Escrow companies compile the following records:

    You're ready to close when every step is complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title goes to you and title insurance is issued per the policies of your individual escrow agreement.

    When closing is done, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title research
    • Comply with lender's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title research
    • Meet lender's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a simple outline of the escrow process. Your specific methods could be unique based on your bank and your escrow holder.


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