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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
  • The process of buying a house for the first time can be overwhelming. I can help. E-mail me at Bob@rlmurray.com .

    Buying Your Next Property: Closing

     Oil Region Realty, LLC can walk you through closing - (814) 677-2326
    Escrow: When you're closing on your new place, an escrow company is used to assure the transaction will close appropriately and on time. A property is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

    Settling the last details like taking in funds, finishing forms, getting the documents for loans and liens, and assuring you get a clean title to the property before your purchase gets finalized are all part of the job of the escrow agent.

    The documents the escrow agent may secure include:

    Closing on the home happens when the steps of the escrow are complete. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.

    When closing is completely finished, you'll pay the fees to the escrow holder. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Meet lender's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Meet lender's guidelines as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Offer 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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