The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finished. This includes getting monies and paperwork, completing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a free title to your property before the asking price is fully paid.
The documents the escrow company may secure include:
You're ready to close when all steps are done in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on what comes next.
A Mortgage Escrow Account is established to pay on-going fees 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 easy to understand guide about the escrow process. Your specific plan could be unique based on your bank and your escrow agent.
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