The escrow agent makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being completed.
Escrow companies want to obtain the following pieces of paperwork:
Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow policy.
When closing is completed, you'll make a payment to the escrow agent. I'll keep you updated 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.
This is a quick run-down of the escrow process. Your individual methods might be different based on your bank and your escrow holder.
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