The escrow agent insures 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, filling out required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a clear title to your property before the asking price is fully paid.
Escrow holders look for the following legal documents:
You're ready to close when each step of the finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the basics of the escrow process down, you can be a informed buyer.
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