The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being finalized.
Escrow holders look for the following pieces of paperwork:
Upon finishing of all portions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). 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 submit a payment to the escrow holder. As your REALTOR, I'll let you know what is an acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 more confident home buyer and future homeowner.
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