The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes receiving payments and paperwork, filling out required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.
The pieces of paperwork the escrow agent may secure include:
You're ready to close when each step of the finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new owner and related title insurance is issued as outlined in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.
A Mortgage Escrow Account is started to make payments for recurring expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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