The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finalized.
The documents the escrow holder may secure include:
Closing on the house happens when all of the procedures of the escrow are complete. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title is given to you and title insurance begins per the steps of your particular escrow agreement.
When closing is done, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're comfortable with the escrow process, you can be a informed buyer.
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