The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finished.
These are the pieces of paperwork that escrow holders usually look for:
Closing on the home happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.
At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is established to pay on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a easy to understand guide about the escrow process. Your particular process will be slightly different depending on your lender and your escrow company.
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