The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being completed. This includes securing payments and paperwork, filling out required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.
The pieces of paperwork the escrow agent may obtain include:
You're ready to close when each step of the done in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as new owner and appropriate title insurance is issued as noted in the escrow instructions.
The escrow agent receives a payment at the completion of closing. I'll keep you informed on the next steps.
A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.
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