The escrow agent 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 getting funds and paperwork, filling out required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your property before the purchase price is fully paid.
The pieces of paperwork the escrow holder may collect include:
Closing on the home takes place when the steps of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The house's title goes to you and title insurance is issued per the policies of your individual escrow agreement.
The escrow holder gets a payment at the completion of closing. I'll keep you up-to-date on the next steps.
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.
Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.
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