Understanding how Escrow works – Hanley Agency, Inc., Pittsburgh, PA

Whether it's your first property or your next property, I'll advise you through the process. Contact me and I'll make sure you're a confident buyer.

What To Expect When You're Closing in Pittsburgh

Hanley Agency, Inc. can walk you through closing - 412-422-7900

First, a little about "escrow". To finish the sale of a house, a neutral, third party (the escrow company) is engaged to assure the process will close correctly and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finalized.

Escrow agents want to acquire the following documents:

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
Loan documents

Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the home and the title insurance gets dispersed as noted in the escrow instructions.

When closing is completely finished, you'll make a payment to the escrow agent. I'll keep you updated on what comes next.

The Escrow Holder Will:

Prepare escrow instructions
Perform a title research
Meet the bank's requirements as specified in the escrow agreement
Intake payments from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other legal documents as instructed
Obtain 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:

Offer advice - the escrow agent stays at an impartial, third-party status
Dispense opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Request title search Meet the bank's guidelines as written in the escrow agreement Receive funds from the buyer Prorate insurance, tax, interest and other payments according to instructions Record deeds and other documents as instructed Request title insurance policy Close escrow when all terms of agreement of seller and buyer are met Disburse funds and finish instructions		Tell you what's best - the escrow holder stays at an impartial, third-party status Dispense 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Once you have the ABCs of the escrow process down, you can be a more assured buyer.

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