The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being completed. This includes receiving payments and documents, finishing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your house before the asking price is fully paid.
These are the records that escrow holders usually look for:
Closing on the house takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets handed over to you and title insurance is issued per the policies of your individual escrow process.
The escrow agent receives a payment at the completion of closing. As your REALTOR, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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