The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finished.
Escrow agents compile the following forms:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.
At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is used to make payments for rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the ABCs of the escrow process down, you can be a more assured buyer.
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