The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed in preparation of the sale being finished.
These are the pieces of paperwork that escrow agents usually look to collect:
Closing on the property happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.
The escrow agent receives a payment at the completion of closing. I'll keep you up-to-date on the procedure.
A Mortgage Escrow Account is established to pay on-going 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.
Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.
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