Purchasing real estate for the first time can be overwhelming. I can help. Contact me and I'll help you become a empowered buyer.

What To Expect When You're Closing in DuBois, Pennsylvania

 Hoffer Realty Associates can walk you through closing - 8143712100
Escrow: To finish the sale of a home, a neutral, third party (the escrow agent) is employed to assure the process will close correctly and on time. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

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

The documents the escrow company may secure include:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

Closing on the property happens when all of the procedures of the escrow are complete. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

When closing is finished, 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 search
  • Meet the bank's guidelines as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Request title research
  • Comply with the bank's standards as specified in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Give advice - the escrow agent stays at an impartial, third-party status
  • Dispense opinions about future tax estimations

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 easy to understand guide about the escrow process. Your individual methods may vary based on your bank and your escrow agent.

Profile Picture portrait37474.jpg