The escrow holder makes sure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes getting monies and documents, completing required forms, and seeking out the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your property before the agreed upon price is fully paid.
These are the legal forms that escrow agents usually look to collect:
Upon completion of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the home and the title insurance gets dispersed as stated in the escrow instructions.
The escrow company gets a payment at the completion of closing. As your real estate agent, I'll inform you of the acceptable way of paying.
A Mortgage Escrow Account is started to pay on-going expenses 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.
Once you're comfortable with the escrow process, you can be a better buyer.
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