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 finalized.
These are the records that escrow agents usually compile:
You're ready to close when every step is finished in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to you and title insurance begins per the steps of your particular escrow process.
The escrow agent receives a payment at the completion of closing. As your real estate agent, I'll inform you of the acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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