The escrow company is careful to assure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes getting monies and certificates, completing required forms, and seeking out the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your house before the agreed upon price is fully paid.
These are the legal forms that escrow companies usually compile:
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 taken. The property's title goes to you and title insurance begins per the policies of your individual escrow process.
The escrow company gets a payment when the closing is complete. I'll keep you up-to-date on what comes next.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're at ease with the escrow process, you can be a informed buyer.
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