The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finished.
Escrow agents look for the following forms:
Closing on the house happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance is issued per the steps of your individual escrow agreement.
When closing is completely finished, you'll make a payment to the escrow agent. As your REALTOR, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is established to make payments for on-going fees 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.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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