The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.
These are the records that escrow agents usually look to collect:
Upon completion of all portions of the escrow, closing can take place. All payments owed 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 house and the title insurance gets dispersed as noted in the escrow instructions.
When closing is completely finished, you'll submit a payment to the escrow company. I'll keep you updated on the procedure.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you're familiar with the escrow process, you can be a informed buyer.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.