The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes securing funds and paperwork, filling out required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.
These are the pieces of paperwork that escrow companies usually look for:
You're ready to close when all steps are finished in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets issued as outlined in the escrow instructions.
When closing is done, you'll make a payment to the escrow company. As your real estate professional, I'll inform you of the acceptable way of paying.
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 confident buyer.
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