The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being completed.
Escrow agents compile the following legal documents:
You're ready to close when each step of the finished in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the policies of your individual escrow agreement.
When closing is finished, you'll make a payment to the escrow holder. As your agent, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is started to make payments for on-going fees 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.
Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.
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