The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes securing monies and paperwork, signing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your home before the negotiated price is fully paid.
The pieces of paperwork the escrow holder may secure include:
You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on the procedure.
A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a quick run-down of the escrow process. Your individual process will vary depending on your bank and your escrow agent.
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