The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finalized.
The certificates the escrow holder may obtain include:
Upon finishing of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as buyer and appropriate title insurance is issued as noted in the escrow policy.
The escrow holder gets a payment when the closing is complete. I'll keep you informed on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 simple outline of the escrow process. Your individual methods will vary based on your bank and your escrow company.
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