The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes receiving funds and records, signing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your place before the negotiated price is fully paid.
These are the records that escrow companies usually look for:
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 house and the title insurance gets issued as noted in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on the procedure.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a simple outline of the escrow process. Your particular process may vary depending on your lender and your escrow company.
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