The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finished.
These are the legal forms that escrow holders usually look to collect:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then secure the title to the house and the title insurance gets dispersed as agreed upon in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a quick run-down of the escrow process. Your particular methods could be slightly different depending on your lender and your escrow company.
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