The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being completed.
Escrow agents compile the following legal documents:
Closing on the property takes place when the steps of the escrow are finished. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.
The escrow agent gets a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable 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.
This is a quick run-down of the escrow process. Your specific methods could be different based on your lender and your escrow holder.
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