The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finalized.
The records the escrow company may collect include:
Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new owner and appropriate title insurance is issued as noted in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on what comes next.
A Mortgage Escrow Account is started to pay recurring expenses 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.
This is a easy to understand guide about the escrow process. Your specific plan could vary depending on your bank and your escrow agent.
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