The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.
The records the escrow agent may secure include:
Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as now current homeowner and appropriate title insurance is issued as noted in the escrow instructions.
The escrow company gets a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is started to pay rolling 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.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.
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