The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finished.
Escrow holders compile the following documents:
You're ready to close when every step is done in escrow process. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.
The escrow holder receives a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is used 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 easy to understand guide about the escrow process. Your particular plan could vary based on your lender and your escrow agent.
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