The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finalized. This includes securing monies and documents, finishing required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a free title to your house before the asking price is fully paid.
Escrow holders look for the following legal documents:
Closing on the home takes place when all of the procedures of the escrow are complete. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.
When closing is done, you'll make a payment to the escrow agent. As your agent, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is established to pay rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you're at ease with the escrow process, you can be a informed buyer.
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