The escrow company insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes getting monies and records, 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 asking price is fully paid.
Escrow agents want to acquire the following forms:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
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.
Once you have the basics of the escrow process down, you can be a confident buyer.
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