The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being finished.
The pieces of paperwork the escrow agent may collect include:
Closing on the property takes place when all of the procedures of the escrow are finished. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets dispersed as stated in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you're familiar with the escrow process, you can be a informed buyer.
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