The escrow company insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes receiving funds and documents, completing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.
The pieces of paperwork the escrow agent may collect include:
You're ready to close when all steps are complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then get the title to the house and the title insurance gets dispersed as noted in the escrow instructions.
At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the next steps.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 confident buyer.
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