The escrow company insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes securing funds and certificates, signing required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your home before the asking price is fully paid.
The records the escrow company may secure include:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.
When closing is completed, you'll submit a payment to the escrow agent. I'll keep you informed on the procedure.
A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the 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.
Once you have the rules of the escrow process down, you can be a better buyer.
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