The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finalized.
The certificates the escrow agent may obtain include:
You're ready to close when all parts are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then receive the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.
When closing is completely finished, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
This is a simple outline of the escrow process. Your individual plan could vary based on your lender and your escrow company.
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