The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.
These are the documents that escrow companies usually compile:
You're ready to close when each step of the finished in escrow process. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.
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 have the basics of the escrow process down, you can be a better buyer.
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