The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes securing payments and records, filling out required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clear title to your home before the purchase price is fully paid.
Escrow holders look for the following forms:
You're ready to close when every step is done in escrow process. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the ABCs of the escrow process down, you can be a better buyer.
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