The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being completed.
Escrow holders collect the following records:
You're ready to close when all steps are finished in escrow process. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as buyer and correct title insurance is issued as outlined in the escrow instructions.
The escrow company gets a payment at the completion of closing. I'll keep you up-to-date on what comes next.
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.
Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.
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