The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being finalized.
These are the legal forms that escrow companies usually look for:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the house is then given to you as new owner and related title insurance is issued as outlined in the escrow policy.
When closing is completely finished, you'll pay the fees to the escrow holder. I'll keep you updated on the procedure.
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.
Once you're familiar with the escrow process, you can be a more assured buyer.
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