The escrow holder insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes getting monies and records, filling out required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clear title to your place before the agreed upon price is fully paid.
These are the records that escrow agents usually look to collect:
You're ready to close when each step of the finished in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance begins per the policies of your individual escrow process.
The escrow company gets a payment at the completion of closing. I'll keep you informed on the next steps.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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