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

Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you work your way through the process. Call me at 412-422-7900.

What To Expect When You're Closing in Pittsburgh, Pennsylvania

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

Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your house closes on time and the transaction goes smoothly. A property is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a simple way to think of an escrow company.

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

The certificates the escrow agent may secure include:

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

Closing on the property takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the home and the title insurance gets issued as noted in the escrow instructions.

The escrow agent gets a payment when the closing is complete. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

Assemble escrow instructions
Petition title research
Meet lender's guidelines as written in the escrow agreement
Accept payments from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other documents as instructed
Request title insurance policy
Close escrow when all instructions of seller and buyer have been met
Disburse payments and finalize instructions

The Escrow Holder Won't:

Tell you what's best - the escrow holder stays a neutral, third-party status
Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Perform a title inquiry Comply with lender's guidelines as noted in the escrow agreement Intake funds from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer have been finished Disburse payments and finalize instructions		Tell you what's best - the escrow company stays at an impartial, third-party status Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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