The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finalized.
These are the pieces of paperwork that escrow holders usually look for:
You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the 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're at ease with the escrow process, you can be a better buyer.
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