The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being completed.
Escrow companies look for the following legal documents:
You're ready to close when all parts are done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the property is then given to you as new homeowner and correct title insurance is issued as noted in the escrow policy.
The escrow holder gets a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is used to make payments for rolling 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.
Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.
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