The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.
The records the escrow holder may secure include:
You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.
The escrow agent receives a payment at the completion of closing. As your real estate professional, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. 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 simple outline of the escrow process. Your individual process could be unique based on your bank and your escrow company.
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