The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being finalized.
Escrow companies want to acquire the following legal documents:
Closing on the property happens when the steps of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the home is then transferred to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.
When closing is finished, you'll make a payment to the escrow holder. As your REALTOR, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is started to pay recurring 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.
This is a simple outline of the escrow process. Your particular methods may be unique based on your lender and your escrow agent.
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