The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being completed.
Escrow companies look for the following legal documents:
Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the property and the title insurance gets dispersed as noted in the escrow instructions.
The escrow holder gets a payment at the completion of closing. 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.
Once you're comfortable with the escrow process, you can be a confident buyer.
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