The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finished.
These are the records that escrow companies usually look to collect:
Closing on the home takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a simple outline of the escrow process. Your particular plan might be different depending on your lender and your escrow company.
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