The escrow holder makes sure that the terms and conditions of the agreement between the two parties are performed in preparation of the sale being finalized.
Escrow companies compile the following documents:
You're ready to close when every step is complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as new owner and related title insurance is issued as noted in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the procedure.
A Mortgage Escrow Account is used to make payments for recurring fees 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 have the basics of the escrow process down, you can be a informed buyer.
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