The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finalized.
Escrow agents compile the following records:
Upon finishing 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 home is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.
When closing is done, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the 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 individual process might vary based on your bank and your escrow holder.
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