The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes receiving funds and documents, signing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your place before the asking price is fully paid.
The documents the escrow company may collect include:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the property is then given to you as now current homeowner and correct title insurance is issued as noted in the escrow policy.
The escrow holder receives a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 how to close on your future home. And, you can be a more confident home buyer and future homeowner.
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