The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being finished.
The pieces of paperwork the escrow company may collect include:
Upon finishing of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as stated in the escrow instructions.
When closing is completely finished, you'll make a payment to the escrow holder. I'll keep you informed on what comes next.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 have the ABCs of the escrow process down, you can be a confident buyer.
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