The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being finished.
Escrow companies compile the following forms:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.
When closing is done, you'll make a payment to the escrow holder. As your REALTOR, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used to make payments for rolling expenses while there is a loan on the 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 better buyer.
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