Whether it's your first home or your next house, I'll walk you through the process. Call me at (814) 677-2326.

What To Expect When You're Closing in Oil City, Pennsylvania

 Oil Region Realty, LLC can walk you through closing - (814) 677-2326
Escrow: To complete the sale of a home, a neutral, third party (the escrow holder) is engaged to assure the transaction will close properly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the neutral third party that obtains the buyer's payment, and then hands over the money to the seller.

Tying up any loose ends like receiving funds, completing forms, getting the documents for loans and liens, and making sure you get a clear title to the house before your purchase gets finalized are all part of the job of the escrow agent.

Escrow companies collect the following legal documents:

  • 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 house takes place when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The home's title is given to you and title insurance begins per the policies of your individual escrow agreement.

The escrow company gets a payment at the completion of closing. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title research
  • Comply with lender's requirements as specified in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Won't:

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

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.

Once you're comfortable with the escrow process, you can be a more assured buyer.

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