The escrow holder insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finalized. This includes securing monies and certificates, signing required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your place before the negotiated price is fully paid.
These are the records that escrow agents usually compile:
Closing on the house takes place when all of the procedures of the escrow are finished. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title is given to you and title insurance begins per the policies of your particular escrow agreement.
The escrow holder receives a payment at the completion of closing. I'll keep you updated on the next steps.
A Mortgage Escrow Account is established to pay rolling expenses 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 easy to understand guide about the escrow process. Your particular methods might be slightly different based on your bank and your escrow company.
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