The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finalized. This includes getting funds and records, filling out required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your property before the negotiated price is fully paid.
These are the records that escrow companies usually compile:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the home and the title insurance gets issued as outlined in the escrow instructions.
The escrow company gets a payment at the completion of closing. I'll keep you updated on what comes next.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.
Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.
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