The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finalized. This includes receiving funds and documents, signing required forms, and obtaining the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your home before the asking price is fully paid.
Escrow companies collect the following legal documents:
You're ready to close when all parts are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance begins per the steps of your individual escrow agreement.
When closing is done, you'll submit a payment to the escrow agent. I'll keep you up-to-date on what comes next.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 rules of the escrow process down, you can be a informed buyer.
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