The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.
These are the legal forms that escrow companies usually look to collect:
Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance is issued per the policies of your particular escrow agreement.
The escrow holder receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
This is a quick run-down of the escrow process. Your specific plan may be different depending on your bank and your escrow agent.
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