The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes securing funds and paperwork, signing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your place before the negotiated price is fully paid.
Escrow companies look for the following forms:
You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow policy.
The escrow agent gets a payment when the closing is complete. I'll keep you informed on the next steps.
A Mortgage Escrow Account is started to make payments for on-going expenses 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 have the basics of the escrow process down, you can be a confident 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.