The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes getting funds and records, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your place before the asking price is fully paid.
Escrow holders want to acquire the following documents:
Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance begins per the policies of your individual escrow process.
At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.
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.
This is a simple outline of the escrow process. Your individual process might vary based on your bank and your escrow holder.
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