The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being completed. This includes securing funds and certificates, filling out required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.
These are the records that escrow holders usually compile:
Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on what comes next.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
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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