The escrow agent makes sure 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 monies and records, completing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your home before the asking price is fully paid.
These are the documents that escrow agents usually look to collect:
You're ready to close when each step of the complete in escrow process. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as buyer and related title insurance is issued as noted in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you informed on the procedure.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
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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