The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finished. This includes getting payments and certificates, completing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your place before the negotiated price is fully paid.
These are the records that escrow holders usually look to collect:
Closing on the home takes place when the steps of the escrow are done. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets transferred to you and title insurance begins per the steps of your individual escrow agreement.
When closing is finished, you'll pay the fees to the escrow holder. I'll keep you informed on the next steps.
A Mortgage Escrow Account is established to pay on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.