The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being finished.
The documents the escrow company may obtain include:
Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as now current homeowner and appropriate title insurance is issued as noted in the escrow instructions.
The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.
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.
This is a easy to understand guide about the escrow process. Your particular plan may be slightly different based on your lender and your escrow agent.
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