The escrow company insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes receiving payments and certificates, filling out 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 home before the agreed upon price is fully paid.
Escrow companies want to acquire the following pieces of paperwork:
Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets handed over to you and title insurance begins per the policies of your particular escrow process.
The escrow agent receives a payment at the completion of closing. I'll keep you up-to-date on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Once you're at ease with the escrow process, you can be a confident buyer.
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