The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finished.
The records the escrow company may collect include:
Closing on the home happens when all of the procedures of the escrow are complete. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title goes to you and title insurance begins per the policies of your particular escrow agreement.
When closing is done, you'll make a payment to the escrow agent. As your real estate agent, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. 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 quick run-down of the escrow process. Your individual plan may be slightly different depending on your bank and your escrow company.
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