The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.
Escrow holders look for the following records:
Closing on the property happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The property's title goes to you and title insurance is issued per the policies of your individual escrow process.
The escrow agent gets a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is used to make payments for recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a easy to understand guide about the escrow process. Your individual methods may be unique depending on your bank and your escrow company.
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