The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being completed.
These are the pieces of paperwork that escrow holders usually look for:
Upon finishing 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 property is then given to you as now current homeowner and appropriate title insurance is issued as outlined in the escrow instructions.
The escrow holder receives a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is used 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.
This is a quick run-down of the escrow process. Your individual plan may vary depending on your lender and your escrow company.
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