The escrow agent makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finished.
Escrow agents collect the following legal documents:
Closing on the property happens when all of the procedures of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The property's title gets transferred to you and title insurance begins per the steps of your individual escrow agreement.
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 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.
Once you're familiar with the escrow process, you can be a informed buyer.
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