The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finalized.
The documents the escrow company may obtain include:
Closing on the home takes place when the steps of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the house and the title insurance gets dispersed as noted in the escrow instructions.
When closing is completed, you'll submit a payment to the escrow agent. As your real estate agent, I'll let you know what is an acceptable way of paying.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.
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