The escrow company makes sure that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes getting funds and certificates, filling out required forms, and seeking out the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your place before the negotiated price is fully paid.
The pieces of paperwork the escrow agent may obtain include:
Closing on the home happens when all of the procedures of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.
When closing is done, you'll make a payment to the escrow agent. I'll keep you informed on the procedure.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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