The escrow agent makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being finished.
These are the legal forms that escrow holders usually compile:
You're ready to close when each step of the finished in escrow process. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new homeowner and related title insurance is issued as outlined in the escrow instructions.
When closing is in it's last step, you'll submit a payment to the escrow holder. I'll keep you updated on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.
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