The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes securing payments and documents, signing required forms, and seeking out the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your home before the asking price is fully paid.
Escrow holders look for the following documents:
Closing on the house happens when all of the procedures of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as buyer and related title insurance is issued as noted in the escrow instructions.
At the close of escrow, payments are submitted in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.
Once you're familiar with the escrow process, you can be a informed buyer.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.