The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finalized.
Escrow agents want to acquire the following legal documents:
You're ready to close when each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The property's title goes to you and title insurance is issued per the steps of your individual escrow agreement.
At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the ABCs of the escrow process down, you can be a better buyer.
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