The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being finalized.
These are the pieces of paperwork that escrow agents usually look for:
Closing on the property happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the house is then transferred to you as buyer and appropriate title insurance is issued as outlined in the escrow policy.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the basics of the escrow process down, you can be a better buyer.
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