The escrow holder makes sure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes getting funds and documents, completing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your house before the asking price is fully paid.
Escrow companies look for the following records:
You're ready to close when all steps are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the home and the title insurance gets issued as stated in the escrow instructions.
At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you updated on what comes next.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 process could be slightly different depending on your lender and your escrow holder.
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