The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being completed.
The documents the escrow company may obtain include:
You're ready to close when every step is finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The house's title is given to you and title insurance begins per the steps of your individual escrow process.
The escrow holder gets a payment when the closing is complete. I'll keep you updated on the next steps.
A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you're comfortable with the escrow process, you can be a informed buyer.
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