The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes securing monies and records, filling out required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your property before the negotiated price is fully paid.
Escrow holders want to acquire the following records:
Closing on the house happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new homeowner and related title insurance is issued as noted in the escrow instructions.
When closing is finished, you'll submit a payment to the escrow company. As your agent, I'll let you know what is an acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're familiar with the escrow process, you can be a more assured buyer.
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