The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being completed. This includes securing funds and paperwork, completing required forms, and getting the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your home before the final price is fully paid.
Escrow agents want to obtain the following documents:
You're ready to close when all steps are done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then get the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.
When closing is finished, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you're familiar with the escrow process, you can be a better buyer.
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