The escrow holder makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being finished.
The certificates the escrow agent may secure include:
Closing on the home happens when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 process could vary depending on your bank and your escrow company.
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