The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being completed.
The records the escrow holder may obtain include:
Closing on the property takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The home's title is given to you and title insurance is issued per the steps of your individual escrow agreement.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable way of paying.
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.
Once you're at ease with the escrow process, you can be a informed buyer.
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