The escrow agent insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes getting payments and paperwork, signing required forms, and seeking out the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your home before the purchase price is fully paid.
Escrow companies want to acquire the following records:
Closing on the home takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance is issued per the policies of your individual escrow process.
When closing is done, you'll submit a payment to the escrow agent. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a easy to understand guide about the escrow process. Your individual methods might vary based on your lender and your escrow agent.
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