The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.
Escrow holders collect the following forms:
Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.
At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the 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.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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