The escrow holder makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes securing funds and paperwork, completing required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clear title to your property before the asking price is fully paid.
These are the legal documents that escrow holders usually look to collect:
Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as now current homeowner and correct title insurance is issued as outlined in the escrow policy.
When closing is completed, you'll submit a payment to the escrow agent. I'll keep you informed on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 quick run-down of the escrow process. Your specific methods might be different depending on your lender and your escrow agent.
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