The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes getting payments and documents, finishing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your house before the final price is fully paid.
These are the records that escrow agents usually look to collect:
You're ready to close when all steps are finished in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as new owner and related title insurance is issued as noted in the escrow policy.
The escrow agent receives a payment when the closing is complete. As your agent, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is established to make payments for on-going fees 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.
This is a quick run-down of the escrow process. Your particular methods may vary depending on your lender and your escrow holder.
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