The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being completed.
The pieces of paperwork the escrow holder may obtain include:
Closing on the property takes place when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.
When closing is in it's last step, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is started to pay on-going fees 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.
Once you have the rules of the escrow process down, you can be a informed buyer.
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