The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.
These are the pieces of paperwork that escrow holders usually look to collect:
Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets handed over to you and title insurance begins per the steps of your particular escrow agreement.
When closing is done, you'll make a payment to the escrow holder. I'll keep you up-to-date on what comes next.
A Mortgage Escrow Account is established to make payments for on-going expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
This is a simple outline of the escrow process. Your individual methods could be different based on your lender and your escrow holder.
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