The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes securing funds and documents, completing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your house before the agreed upon price is fully paid.
Escrow companies want to obtain the following pieces of paperwork:
Upon completion 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 house is then given to you as new owner and related title insurance is issued as outlined in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the 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.
Once you have the basics of the escrow process down, you can be a more assured buyer.
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