The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being finished.
Escrow holders look for the following pieces of paperwork:
You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets issued as stated in the escrow instructions.
The escrow agent receives a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is established to make payments for on-going fees while there is a loan on the 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.
Once you're familiar with the escrow process, you can be a better buyer.
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