The escrow agent insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finalized. This includes getting payments and records, finishing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your place before the final price is fully paid.
These are the records that escrow companies usually look for:
You're ready to close when every step is complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is established to make payments for rolling fees 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.
Once you have the ABCs of the escrow process down, you can be a more assured buyer.
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