The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finalized.
The documents the escrow agent may obtain include:
You're ready to close when all steps are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the home and the title insurance gets dispersed as noted in the escrow instructions.
When closing is finished, you'll submit a payment to the escrow agent. As your real estate agent, I'll let you know what is an acceptable form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
This is a quick run-down of the escrow process. Your specific plan may vary based on your lender and your escrow holder.
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