The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being completed.
These are the legal documents that escrow companies usually look to collect:
Upon finishing 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. Title to the property is then given to you as buyer and appropriate title insurance is issued as outlined in the escrow policy.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.
A Mortgage Escrow Account is started to pay on-going fees 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.
Once you're comfortable with the escrow process, you can be a better buyer.
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