The escrow agent makes sure that the terms and conditions of the agreement between the two parties are met prior to the sale being finished.
The pieces of paperwork the escrow holder may collect include:
You're ready to close when every step is finished in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the policies of your particular escrow process.
The escrow agent receives a payment when the closing is complete. I'll keep you updated on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Once you have the ABCs of the escrow process down, you can be a more assured buyer.
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