The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.
Escrow companies collect the following legal documents:
Closing on the property takes place when all of the procedures of the escrow are finished. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets issued as noted in the escrow instructions.
When closing is completely finished, you'll submit a payment to the escrow holder. As your REALTOR, I'll let you know what is an acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a simple outline of the escrow process. Your specific process could be different based on your lender and your escrow agent.
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