The escrow company makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finalized.
The documents the escrow agent may obtain include:
You're ready to close when each step of the complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The home's title is given to you and title insurance begins per the steps of your particular escrow agreement.
At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable way of paying.
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.
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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