The escrow company makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being completed.
Escrow companies want to obtain the following records:
Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the property and the title insurance gets dispersed as stated in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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