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

The Place is Almost Yours

 Oil Region Realty, LLC can walk you through closing - (814) 677-2326
First, a little about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the process will close properly and in a certain amount of time. A home is said to be in escrow when in the closing process, payment 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. For example, in an online purchase, PayPal is the reliable third party that obtains the buyer's funds, and then sends the money to the seller.

Clearing the final hurdles like receiving funds, signing forms, securing the documents for loans and liens, and assuring you get a clean title to the home in preparation of your purchase gets finalized are all part of the job of the escrow holder.

These are the documents that escrow agents usually compile:

  • 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
  • Fire and other insurance policies

You're ready to close when all parts are done in escrow process. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.

When closing is completed, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Perform a title research
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • 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 the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Request title inquiry
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Accept 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 instructions of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow agent stays a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay recurring expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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