The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being completed.
Escrow agents want to acquire the following pieces of paperwork:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as buyer and appropriate title insurance is issued as noted in the escrow policy.
When closing is done, you'll make a payment to the escrow holder. 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.
This is a simple outline of the escrow process. Your particular process could be unique depending on your bank and your escrow company.
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