The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.
Escrow companies want to obtain the following documents:
Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as noted in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a easy to understand guide about the escrow process. Your individual plan might be different based on your lender and your escrow company.
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