The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being completed.
These are the pieces of paperwork that escrow companies usually look to collect:
Closing on the property happens 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). Title to the house is then transferred to you as buyer and appropriate title insurance is issued as outlined in the escrow policy.
The escrow agent receives a payment when the closing is complete. As your agent, 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.
Once you're comfortable with the escrow process, you can be a informed buyer.
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