The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being completed.
Escrow holders compile the following documents:
Closing on the home takes place when all of the procedures of the escrow are done. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title goes to you and title insurance is issued per the policies of your individual escrow process.
The escrow agent receives a payment when the closing is complete. As your real estate professional, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is established to pay on-going 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 quick run-down of the escrow process. Your particular methods could be unique based on your bank and your escrow holder.
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