The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finalized. This includes receiving funds and certificates, filling out required forms, and obtaining the release documents for any loans or liens that have been paid 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 complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then secure the title to the home and the title insurance gets issued as outlined in the escrow instructions.
At the close of escrow, 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. 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 better informed home buyer and future homeowner.
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