The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes getting funds and certificates, completing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your home before the negotiated price is fully paid.
Escrow agents collect the following pieces of paperwork:
Closing on the house takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the steps of your individual escrow process.
At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.
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