The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finished.
The documents the escrow agent may secure include:
Closing on the house happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the house is then given to you as buyer and related title insurance is issued as outlined in the escrow policy.
At the close of escrow, payments are submitted in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used 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.
Once you're at ease with the escrow process, you can be a more assured buyer.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.