The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finalized. This includes getting funds and certificates, filling out required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your place before the final price is fully paid.
These are the pieces of paperwork that escrow agents usually look to collect:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.
The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is started to pay 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.
This is a easy to understand guide about the escrow process. Your particular process may vary depending on your bank and your escrow company.
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