The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finalized. This includes getting payments and documents, finishing required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your home before the asking price is fully paid.
Escrow agents look for the following legal documents:
You're ready to close when all parts are complete in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and correct title insurance is issued as noted in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. As your real estate professional, 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. 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.
Once you have the rules of the escrow process down, you can be a more assured buyer.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.