Whether it's your first place or your next property, I'll advise you through the process. Contact me.

Closing the Sale in Oil City, Pennsylvania

 Oil Region Realty, LLC can walk you through closing - (814) 677-2326
Let's talk about "escrow". When you're closing on your new home, an escrow company is used to assure the transaction will close without problems and in a timely manner. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web purchase, PayPal is the neutral third party that obtains the buyer's payment, and then hands over the money to the seller.

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes receiving monies and paperwork, finishing required forms, and obtaining 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 place before the asking price is fully paid.

These are the legal documents that escrow agents usually compile:

  • 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
  • Loan documents
  • Tax statements

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

When closing is in it's last step, you'll pay the fees to the escrow company. I'll keep you informed on what comes next.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title search
  • Comply with lender's standards as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest 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 have been met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Give advice - the escrow holder stays a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Comply with lender's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finalize instructions
  • Give advice - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

This is a simple outline of the escrow process. Your specific methods could vary depending on your bank and your escrow holder.

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