The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finalized. This includes receiving funds and records, completing required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clear title to your house before the agreed upon price is fully paid.
Escrow companies look for the following pieces of paperwork:
Closing on the home happens when all of the procedures of the escrow are finished. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title goes to you and title insurance begins per the steps of your particular escrow process.
When closing is completely finished, you'll make a payment to the escrow company. As your agent, I'll let you know what is an acceptable form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're at ease with the escrow process, you can be a better buyer.
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