The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finished.
The documents the escrow agent may obtain include:
You're ready to close when each step of the finished in escrow process. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and correct title insurance is issued as outlined in the escrow policy.
The escrow holder receives a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is established to pay rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.
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