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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
  • Purchasing property for the first time can be overwhelming. Let me help you. Call me at (814) 371-2100.

    Buying Your Next Home: Closing

     Hoffer Realty Associates can walk you through closing - (814) 371-2100
    Let's talk about "escrow". To finalize the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good way to picture an escrow company.

    Tying up any loose ends like obtaining funds, completing forms, getting the documents for loans and liens, and assuring you get a clean title to the property prior to your purchase gets finalized are all parts of closing in which an escrow company is useful.

    Escrow companies look for the following documents:

    Closing on the home takes place when the steps of the escrow are finished. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title research
    • Comply with lender's requirements as written 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 finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must stay at a fair, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Meet the bank's guidelines as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you have the basics of the escrow process down, you can be a informed buyer.