The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes receiving payments and certificates, finishing required forms, and obtaining the release documents for any loans or liens that were paid off with the transaction, assuring you have a clear title to your house before the final price is fully paid.
The records the escrow holder may obtain include:
Closing on the property takes place when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The house's title goes to you and title insurance begins per the policies of your individual escrow process.
The escrow company receives a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is started to make payments for recurring expenses while there is a loan on the 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 simple outline of the escrow process. Your specific methods might be slightly different depending on your lender and your escrow holder.
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