The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finalized.
These are the legal documents that escrow holders usually compile:
Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance is issued per the policies of your particular escrow agreement.
The escrow agent gets a payment when the closing is complete. I'll keep you informed on the next steps.
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.
This is a quick run-down of the escrow process. Your individual plan could be different depending on your bank and your escrow holder.
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