The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being finalized.
Escrow agents collect the following pieces of paperwork:
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 collected. Title to the house is then transferred to you as buyer and correct 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. As your agent, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is used to make payments for recurring expenses while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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