The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes getting monies and documents, finishing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your house before the agreed upon price is fully paid.
These are the legal forms that escrow holders usually look to collect:
You're ready to close when each step of the done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title goes to you and title insurance begins per the steps of your particular escrow agreement.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is started to make payments for 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.
Once you're comfortable with the escrow process, you can be a more assured buyer.
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