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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
  • Whether it's your first house or your next property, I'll walk you through the process. E-mail me at Bob@rlmurray.com .

    Steps to Closing on a House

     Oil Region Realty, LLC can walk you through closing - (814) 677-2326
    Escrow: When you're closing on your new home, an escrow agent is used to guarantee the process will close without problems and on time. A home is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's money, and then sends the money to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being completed.

    Escrow holders compile the following forms:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

    When closing is finished, you'll pay the fees to the escrow agent. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Comply with lender's requirements as written 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies 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 tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title inquiry
    • Meet lender's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 met
    • Disburse funds and finish instructions
    • Advise you - the escrow agent stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    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.

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

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