The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being completed.
The records the escrow agent may secure include:
Upon finishing of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as buyer and appropriate title insurance is issued as noted in the escrow policy.
When closing is done, you'll submit a payment to the escrow holder. As your agent, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.
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