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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 property or your next house, I'll educate you through the process. E-mail me at Bob@rlmurray.com to get some free information.

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

     Oil Region Realty, LLC can walk you through closing - (814) 677-2326
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the closing process goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet purchase, PayPal is the neutral third party that holds the buyer's funds, and then disburses the funds 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 finalized.

    These are the documents that escrow companies usually look to collect:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the property is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.

    The escrow company receives a payment when the closing is complete. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title search
    • Meet lender's requirements as noted in the escrow agreement
    • Intake payments 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 terms of agreement of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent stays a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title research
    • Meet lender'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 instructions of seller and buyer are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling 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.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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